27 July 2011

GMS weekly report on CHINA shipbreaking industry for WEEK 29 of 2011:

The Chinese market saw some sign of improvement this week following the news from Bangladesh that the extension would be in place up to October 12th.

In order to secure their share of tonnage and to make sure they continue to divert vessels away from the Indian sub-continent some strengthening in price has been needed for some time now.

However just how the market will react to the news just through that the BELA appeal may hold the extension back and will be a matter for the week ahead.

Source: Steel Prices  (Sourced from GMS Weekly). 26 July 2011

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