Major ship breaking industries in India, etc., has suspended to secure orders before a rainy season and scrap price also turned downward, as well.
World largest ship breaker India saw no contract for demolition last week, while only two contracts signed in Bangladesh.
Sources forecast that volatile exchange rates, floating steel price, etc., have made the market unsteady and would cause scrap price to fall further.
Scrap price, which have reached $500 per ldt, turns out to have plunged to early $400 per ldt within a month.