India remains the lowest placed of all the subcontinent recycling destinations, with risible offerings, which remain stranded in the low-to-mid USD 300s/LDT and are still prevalent in Alang. Local port reports too showcase a marginal number of fresh arrivals at the waterfront and are further proof of the minimal number of sales taking place into Alang, at these pitifully lower levels. This is also due to the ongoing uptick in freight rates across the board that is keeping Ship Owners from offering their vessels into the recycling markets.
While local steel plate prices have fallen by about USD 75 per tonne since early July and this week was some more of the same, levels reportedly fell further by USD 4 per tonne. The ongoing deprecation has therefore been nothing short of excruciating for local Recyclers as it is only a matter of time before local offerings follow suit, invariably taking Pakistani levels further down with them.
This most recent depreciation of the Indian Rupee by about 2% has also exasperated local sentiments and it seems increasingly certain that it will be some time before we see a greater positivity return to this market.
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