Demolition prices for elderly ships have fallen by 25% in 2012 to-date, and lower ship demolition prices are likely to translate into lower offers for recycling tonnage in the coming quarters, said Mark Williams, research director at Braemar Seascope.
Rapid reductions in the value of the Indian, Pakistani and Bangladeshi currencies against the US dollar are causing difficulties for cash buyers and end users struggling to pass on cost increases to their own customers, despite long-term recycled steel demand growth prospects in the sub-continent, Williams noted.
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