RBI has commenced issuance of Indian Rupee bonds
Plate prices in India decreased by a marginal US$3/MT for the weekended 18 Sept, which, according to an industry report, is really nothing compared to a gradual and continuous increase of US$55/MT seen over last 9 weeks.
This minor price correction reflects the strength of market with good demand and prices offered by ship recyclers continued at the same levels, said a report by Wirana Shipping Corp.
Local scrap prices continued at the same levels while imported scrap prices increased by USD$2/MT this week (as on 18 Sept).
While prices of semis are expected to only improved marginally this week, it is the finished steel product prices that were increased by about US$15/MT which improved the overall market sentiment, said the report.
It was a quiet week with reference to any new recycling candidates being circulated although there are some ongoing workings for recycling candidates that were circulated in the past weeks, according to the report
The country’s central bank, RBI, has commenced issuance of Indian Rupee bonds (Rs.500 billion equivalent to US$5.20 billion issued this week – 14-18 Sept) to mop up liquidity from the market.
The Gujarat Maritime Board is actively working for issuance of Document of Authorization for Ship Recycling as well as ensuring the documentary requirements for incoming recycling candidates are clearly aligned with HKC.
The forthcoming week (from 21 Sept) will be very interesting week for the Indian Ship Recyclers mainly and also for all the stakeholders of the ship recycling industry as the EU Member States vote on whether two Ship recycling Facilities from India that are approved by the European Commission technically are also approved by EU Member states for inclusion on EU List.
“We would expect prices offered by ship recyclers to be firm in the coming weeks,” said the Wirana report. Fiinews.com
