A slump in steel prices and demand left an overall grim picture in the Chinese market come the end of the week.
Following the sale of three high spec and voung NYK capesize bulkers over the past two weeks for guaranteed green recycling, a hesitation in offering saw a lull descend over the market.
It is true that capacity is at a premium for some yards, but declining steel prices also left little incentive for end buyers to maintain previous levels as numbers on bulkers began to be quoted in the low USD 300s/LT LDT.
As is the case in Pakistan and elsewhere in the sub continent, only really desired units were being talked of as potential candidates, with a whole raft of available tonnage -many Vietnamese owned, struggling to find any sort of buyer whatsoever.
Source: Steel Guru (sourced from GMS Weekly). 25 July 2012http://www.steelguru.com/chinese_news/GMS_report_on_China_ship_breaking_industry_for_WEEK_29_2012/275193.html