Little could be done this week to avert sliding steel prices affecting levels negatively bv at least another USD 20/LT LDT. It has been a turbulent past month in China with prices plummeting by at least USD 50/LT LDT already - with seemingly no end to the decline in sight.
For that reason, it was unsurprising to see no market sales reported many of those vessels (even smaller LDT units) finishing discharge in the East are now looking at voyages over to the sub continent or considering as is offers.
With some vessels now even seeing BELOW 300/LT LDT the pain may not be over in China and it could be some time vet before we see some sort of stability in levels.
Source: steel guru. 4 June 2013http://www.steelguru.com/chinese_news/GMS_weekly_report_on_Chinese_ship_breaking_industry_for_WEEK_22/314180.html