Far from wilting in the face of an overwhelming supply of tonnage, the Chinese market actually picked up this week for April deliveries (when much of the existing tonnage in yards is expected to be cleared out).
Two bulkers were concluded into the 430s/LT LDT - the ASPEN ARROW (8,603 LDT) for USD 432/LT LDT with 300 T bunkers ROB, and the Vietnamese owned full spares VSP RUBY (11,470 LDT) for the same level.
Tonnage continues to arrive and deliver but the price remains on the optimistic side while the Indian sub continent market continues to struggle.
Source: Steel Guru (Sourced from GMS Weekly). 8 March 2012