In contrast to the hot temperatures experienced in the Northern hemisphere it was a cold week in terms of concluded business, though positive sentiment is spreading across the markets. With Monsoon season coming to an end in September demand from India should naturally pick up a bit, with the gap to bullish Pakistani prices expected to close further for non-HKC tonnage.
We are hearing that the `Singapore Express`, another huge Container Vessel, is under offer and the new fixture will set a new price benchmark for HKC compliant recycling.
Prices for melted scrap in India improved further to $337 per mt and plate prices increased further to $407 per mt during the week. Sentiment is positive at the moment although the risk of a second lock-down period has not diminished.
The Pakistani market is still prevailing in the sub-continent for non-HKC tonnage, but a good price clearly in excess of $300 per lt/ldt for a smaller General Cargo vessel has raised attention towards Bangladesh.
Although the Turkish market has been reaping the effects of a further decline in Turkish Lira after last week’s record lows, sentiment is positive and prices increased slightly, now quoting in excess of the $200 mark for tonnage with good specifications.