After weeks of inconsistency, the Chinese market was finally able to draw breath with no market sales to report and many geographically positioned vessels diverted into hungry Bangladesh hands.
The previous few weeks had seen steel prices come off, yet deals were done at lower and lower levels until finally, capacity was breached in many of the major Chinese yards.
One suspects that there may be a far more cautious approach to the buying in the coming weeks, with only bidding ensuing on desired and well-priced units.
Source: Steel Guru (Sourced from GMS Weekly). 7 May 2012