Stalled & Falling!
End buyers unable to commit:
Activity has been eerily quiet despite the positive news of the
market extension from over a week ago. Cash buyer 'as is' tonnage and those vessels waiting to beach, finally began to arrive / deliver this week over the tide spanning August 14 to 17th. Bangladesh
However, new purchases seemed to have stalled with many end buyers choosing to wait and watch market developments rather than come forth with any degree of eagerness or impressive numbers.
There are only 3 more tides to contend with before the extension expires and the local recycling market again comes under scrutiny on October 12th. As such, it is anticipated that local activity could pick up once again towards the tail end of September. For the time being however, most end buyers were unwilling to even talk new vessels.
Of course, many plots have already stocked themselves up with large LDT vessels during the first few months of opening, so this particular window of opportunity for buyers may not be as hectic as the last.
Source: Steel Guru (Sourced from GMS Weekly). 23 August 2011