Gadani buyers continued to cherry pick their way through the available tonnage following the sale of two high profile suezmax tankers in recent weeks. The Great Eastern owned JAG LAKSHYA and TMT's IRON MONGER 5 both only sold on a gas free for many entry basis found buyers region USD 520 per LT LDT.
Additionally this week, panamax bulker HAO WANG is reportedly headed to the shores of Pakistan for a relatively firm USD 495 per LT LDT as a particular end buyer in question keen for a Danish built unit of this size and type.
The overriding concern is that levels will follow the downward trend of the Indian market currently despite steel prices remaining strong and capacity starting to clear somewhat.
Source: Steel Guru (Sourced from GMS Weekly). Tuesday, 28 June 2011