Arresting the slide!?
There was little that could be done
to avert the alarming slides witnessed in the Chinese market from last week. Indeed,
those falls continued into this week with a further USD 15/LT LDT dropping off
the price to leave the market at a new low for the year.
With dry vessels selling in and
around the low 400s/LT LDT and wet vessels some USD 10-15/Ton above that, local
buyers may have a tough task persuading Sellers with units positioned in the
area to head for Chinese yards. Yet with a scarcity of tonnage currently in
yards, the expectation is that in order to secure market tonnage, prices will
have to increase once again just to stay in the hunt.
For the time being, no yards seem
prepared to offer on vessels, content to sit tilings out for the time being. One
bulker that had been committed to North China last week at 450/LT LDT was once
again on the market after the deal failed with no end buyer willing to take a
chance on a Fujian
NO Market Sales Reported.
Source: Steel Guru (Sourced from GMS Weekly). 04 October 2011
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