A spectacular week of recovery and rise saw prices hit their previous highs and a number of deals come to fruition at stunning levels. Additionally, the news from Bangladesh further buoyed sentiment of local buyers as the expectation was that some tonnage maybe diverted from Indian shores into the hands of Chittagong
Two Chinese owned vessels the QIANGSHENG 1 (17,664 LDT) and the EXPRESS POWER (19,771 LDT) both converted from tankers, received levels well in excess of USD 500/LT LDT (with almost 1,000 T of fuel the reason for the high price seen on the EXPRESS POWER). Additionally, last week's high-priced sale of a bulker at levels close to LISD 550 was M/V HANDY V, being committed at USD 458/LT with 700 Tons IFO included in the sale.
Notwithstanding, with the Indian market notoriously volatile, and the news from Bangladesh regarding BELA's appeal set to filter through, there may be some form of softening just around the corner as monsoon season persists
Source: Steel Guru (Sourced from GMS Weekly). 26 July 2011
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