12 October 2011

GMS weekly report on CHINA shipbreaking industry for WEEK 40 of 2011:

  • Licking wounds
Left in Limbo:

With National October holidays underway for the week, there was minimal activity in and out of China as many owners, yards and cash buyers were left licking their wounds from the previous few weeks of heavy falls and dire sentiment.

Indeed, there was no committing at all on fresh units as several available vessels were left in limbo at levels up to USD 20/LT LDT cheaper than the going rate.

The fears are that further falls may be in order once the market opens again next week and most yards, as a result, may be content to wait and watch for the time being with non-ferrous and the scrap steel prices still precariously placed.

Source: Steel Guru (Sourced from GMS Weekly) 11 October 2011

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