27 December 2011

GMS weekly report on CHINESE shipbreaking industry for Week 51 of 2011:

China continued their relentless march onwards this week as they once more closed the gap on Indian sub-continent prices a number of private vessels were concluded at level at USD 430/LT LDT and up dry vessels either with full spares or some fuel adding to the strong prices on show.

With the year-end fast approaching and Chinese New Year on the horizon in late January, there are some doubts as to how long this momentum can be maintained with buyers rapidly quelling their appetite and filling their open yard/berth.

For so long in shadow of their Indian sub continent counterparts, the coming year could be a big one for Chinese buyers, with more yards expected to come online and steel prices expected to stay strong. If prices continue their march onwards in the coming weeks we may see China for only the second time this year sit top the demo rankings.

Source: Steel Guru (Sourced from GMS Weekly). 27 December 2011

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