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Bangladeshi budget nerves infect India as Alang scrap prices crash.
(From Lloyds List)
Byline: Brian Reyes in Gibraltar
A DRAMATIC week in the demolition market, as pre-budget nerves in Bangladesh appeared to infect neighbouring India and prompted the Alang market to crash last Friday.
Rumours that Bangladesh steel prices would drop by $50 per tonne after the July budget sparked a downward spiral in India that finally picked up momentous speed on Friday and led to a drop of $25 per tonne within the space of a day.
'This drop hit breakers like a stake through the heart,' said US-based cash buyer GMS. 'Breakers and cash buyers promptly withdrew their offers to watch just what the market was going to pull next.'
All eyes are now on the Bangladeshi budget, which was expected in the first week of July but has now been postponed.
Exactly what impact the budget will have on the demolition market remains an unknown factor and extremely difficult to predict. There are those who believe that the local government will not ...
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