Bleak Weeks Ahead?!
The market calamity from the rest of the Indian sub-continent and international markets in general also filtered through to Chinese buyer this week with many unwilling to commit to new units.
Recent months have seen the majority of the market tonnage heading to the Indian sub continent where a price differential of as much as USD 70 per tonne was seen in comparison to what local Chinese Chop Shops had on offer.
With Bangladesh recently receiving the court extension to import tonnage up to October 12th, it may be a bleak few weeks ahead for Chinese buyers, and one in which levels may have to improve in order to stand a chance of competing.
Often than one local sale, it was yet another slow week on the sales front with most yards choosing to take the cautious approach when considering new candidates.
Source: Steel Guru (Sourced from GMS Weekly). 16 August 2011.