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GMS Week 37 – POST COVID REALITY!

After a wobbly late August that finally saw the recycling markets even off over the last couple of weeks, sub-continent markets (India and Bangladesh) witnessed a noteworthy drop in steel plate prices this week, as local sentiments started to increasingly take a step back, in anticipation of a further decline.

As such, the general skepticism from Cash and End Buyers alike, is that the markets may have improved far too quickly of late and that the inevitable correction from such a firming may rear its ugly head in the near future.

“Are prices likely to fall as quickly as they have risen of late?” is the question presently on everyone’s mind.

While there are those who would argue there are some signs of future stability i.e. weaker supply of tonnage leading into Q4, stable forward / future prices, post-monsoon construction projects across the sub-continent driving the recent demand for steel and China’s recent anti-dumping decision on the rest of the world, yet, there are those who feel this temporary blip will not survive the rest of the year as the recent firming has simply been too aggressive and Recyclers are reading the tea leaves with these recent drops in steel and are starting to re-adjust their indications accordingly.

Out West in Turkey, the market seems to be in a steady to firming state, as reports of increasing inquires and firming demand have been forthcoming this week, despite a marginally weaker import steel price and Lira.

As the world starts to emerge to the new realities of dealing in a post Covid-19 world and economies try to get back into the swing once again, we can only hope for some sustained stability for the ship recycling sector heading into 2022.

For week 37 of 2021, GMS demo rankings / pricing for the week are as below.

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Source: GMS,Inc.

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