- Dithered progress
- Marginal sales
The Bangladeshi market continues its cherry picking / slow phase as the local recycling market gradually approaches an impending closure on October 12. With tonnage aplenty (large LDT vessels / capers delivered during June to early July) still on the beaches locally, an extremely small number of buyers have been coming forth to show any interest to negotiate.
As such, the industry has been observing a dithered progress (in terms of local purchases) from Bangladeshi recyclers.
The only sale to report this week was that of Vietnamese controlled ITC DRAGON. The vessel was reportedly committed to Cash Buyers at a relatively strong USD 518 per tonne basis end September delivery. Perhaps the Buyers took a punt on the market bouncing back prior closure, towards the last tide in September.
As stated in the market commentary, with the religious month of Ramadan now over and Monsoons on their way out as well, it is likely that Chittagong buyers may come forth to bid on some tonnage as the month progresses.
Source: GMS Weekly. Tuesday, 06 September 2011