As sub continent markets continued to dominate the recycling scene, Chinese buyers found it increasingly difficult to get their hands on any international tonnage. The supply of state owned, Chinese flagged vessels means they will not be overly concerned by this but clearly prices will need to improve if they are to compete.
Chinese New Year holidays commence this coming week and there has not been the traditional binge on units that usually sees prices surge in an effort to fill yards. Fundamentals remain artificially subdued and there is little optimism that prices will increase after the holidays.
Source: steel guru. 28 January 2014http://www.steelguru.com/international_news/GMS_weekly_report_on_China_ship_breaking_industry_for_WEEK_04/331656.html