Bangladesh continued to prop up the industry as competing markets struggled to keep up on prices and divert tonnage to open end buyers.
The concern is that capacity is swiftly running out and with Chinese levels slumping further yet for the week, much of the Far East tonnage is soon set to end up in Bangladesh hands.
Steel prices remain firm, yet the sheer volume of tonnage is beginning to tell as open and capable end buyers are swiftly becoming a rarity - no market sales for the week was testament to that.
Source: Steel Guru (sourced from GMS Weekly). 1 August 2012http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_30_2012/276287.html