A couple of high priced, speculative sales briefly ignited the market this week. Some gains on steel prices had seen levels move positively for another consecutive week, yet there are still concerns surrounding the volatile Indian currency and the impact of any possible Indian market closure.
The sales of the OCEAN RANGER (7/129 LDT) and the full spares ANDROS R (10,980 LDT) with 840 T bunkers upon delivery caught many by surprise, and it may be that certain speculative positions have been taken to explain the excessive USD 396/LT LDT and USD 435/LT LDT respective levels on show.
The be fair, the OCEAN RANGER has been trading very good grain cargoes meaning that the condition of the holds is likely to be in exceptional condition, whilst the ANDROS R was a full spares bulker with 840 T bunkers guaranteed upon delivery. There may have been keen individual end buyers willing to take a chance on a positive market outlook as well.
Source: steel guru. 17 July 2012http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_28_2012/273801.html