With steel plate prices falling drastically, end buyers this week have called a strike until August 30th and have resolved not to sell anv of their steel stockpiles until some recovery in the resale price of steel is forthcoming.
It has therefore been a very sluggish month in Bangladesh for the most part. Even though cash buyers and ship owners want to see some sort of encouragement on levels, there was unfortunately no positive news to report in that regard as prices tailed off on dry units well below 380/LT LDT again.
For that reason, there were no sales to speak of and it mav be some time before activity picks up once again, in a market that has dramatically slumped since the first half of this year.
Source: steel guru. 20 August 2013http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_33/322980.html