Fresh Impetus Fails To Follow:
The fresh momentum many had hoped for, upon receipt of the certified copy of the court order, failed to materialize as local sentiment and demand across the board began to disintegrate as the week ended.
The disregard for available tonnage was particularly surprising given the fact that most end buyers remained absent from the bidding tables because of the market being closed since July 7th.
Nevertheless, the extension order is now in place and the buying is expected to continue - even if at far more muted levels and intensity than what many may have expected.
Consequently, no new vessels were committed to local buyers and the week ended on a quiet note!
Source: Steel Guru (Sourced from GMS Weekly). 16 August 2011.