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GMS Week 34 – STIFLED SENTIMENTS!

Despite the conclusion of Eid holidays and the ongoing shortage of tonnage in the market, subcontinent locations (especially India and Pakistan) remain stranded around the mid USD 300s/LDT mark.

As the ongoing declines over the summer / monsoon months have been notably drastic and significant, going into the fourth quarter of the year, Cash Buyers with expensive, large LDT inventory to offload are still hoping for levels to pick up in Bangladesh, however, the timing of such a recovery remains uncertain.

Concerns of a recession in the U.S. amidst trade war jabs with China, in addition to a global fall in steel plate prices have added further negativity to sentiments this week and there remains a great degree of hesitation from end Buyers to engage in negotiations / offer firm numbers (especially until some sort of sensible stability is seen).

Levels in India have been hit the hardest by the dual dilemmas of collapsing steel plate prices and a depreciating currency. Pakistan too is not far behind, albeit, not for anything other than mirroring its nearest competitor’s pricing, as both compete for the dubious honor of being the lowest placed subcontinent market for anther week.

Bangladeshi Buyers have been off on Eid holidays over the past week and it is hoped that it should be another week or so before activity starts to pick up again. Nevertheless, many yards remain stuffed with large LDT inventory beached here during the early part of the year, most of which has struggled to shift over the recent months due to the constant rains.

Finally, Turkey’s frozen summer session continues unabated, with reportedly no change in Turkish plate prices, although the currency did weaken a shade this week, making matters unapologetically worse for Turkish Recyclers.

For week 34 of 2019, GMS demo rankings / pricing for the week are as below.

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Source: GMS Weekly

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