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GMS Week 7 – SEEKING STABILITY!

Markets have begun to stabilize in the sub-continent this week, with India gaining some ground off the back of steel plate prices that improved for much of the week, even though they ended the week at nearly the same levels.

This returned some sorely needed optimism to the Indian market, which could in turn, deliver some relief to a stuffed Bangladeshi market, where the influx of tonnage has been unrelenting since the beginning of the year.

Pakistan remains stationed some ways behind their sub-continent competitors for yet another week and has seen an absolutely minimal number of vessels arriving local anchorage so far this year. Given the overall performance of this market over the recent past, this year could be a rough one for Gadani Recyclers (in terms of potential purchase of LDT / local consumption of vessels).

Lastly, Turkey continues to chug along as a further (albeit relatively minor) improvement in steel plate prices continues to keep local sentiments firm and levels moving gradually on the up.

Overall, with tanker rates dropping this week and dry bulk rates stuck in the doldrums, the supply of ships is potentially expected to pick up in the weeks / months ahead.

Meanwhile, Cash Buyers remain focused on offloading their expensive unsold units (that were purchased towards the end of last year) at ever decreasing levels. However, with prices now stabilizing across the board once again, we may likely see some renewed vigor to the buying in the coming week(s).

For week 7 of 2019, GMS demo rankings / pricing for the week are as below.

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Source: GMS Weekly

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