China’s lean spell continued with no market sales for the week to report and a general lack of aggression / competitiveness to buy locally.
Steel prices have been the chief driver behind this most barren spell as the government has introduced deliberate cooling measures for an economy that they felt had been growing too fast.
The one bright spot for local buyers concerns the state led incentives that saw all Chinese flagged ships offer subsidies (yet to be formally ratified) to scrap their vessels within China. This scheme has seen a significant number of vessels recycled in Chinese facilities many directly between owner and yard.
Source: steel guru. 3 December 2013http://www.steelguru.com/international_news/GMS_weekly_report_on_China_ship_breaking_industry_for_WEEK_48/329010.html