Some interesting developments in the Bangladeshi market this week, even saw vessels discharging in Chittagong position themselves to OTHER recycling destinations, so underwhelming were prices being quoted there.
It may be some time before Bangladeshi buyers start to acquire again with levels marooned in the mid 300s/LT LDT on dry tonnage and slightly higher on wet vessels. All other competing markets have pushed on significantly, but Chittagong buyers have been left in the shade again.
The currency remains stable but the losses incurred on the scrap steel prices are the chief source of discontent in the local market. It may be that some gains need to be seen in this area first before prices return to being competitive with the other markets.
Source: Steel Guru. 17 September 2013http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_37/325028.html