With festivities at an end, all eyes were on the Chinese market to see if they could replicate the form showed pre New Year. Unfortunately, the market opened up some USD 15 per LT LDT softer as many yards in both North and South, remain stuffed from the December to January binge on units.
To that end, momentum shifted back the way of the Indian sub continent in terms of buying where levels remain about USD 60 to 70 per LT LDT ahead at least. Even Bangladesh where prices have been somewhat soft of late, got back into the action with several high profile purchases.
The one deal concluded for the week concerned that of the MOL controlled smaller bulker TIWAI MARU sold for a firm USD 440 per LT LDT for green recycling
Source: Steel Guru. (Sourced from GMS Weekly). 8 February 2012