With 16 vessels at anchorage (13 of which concluded by principals of GMS), it has been a busy tide of deliveries and beachings this week in Bangladesh. This is just as well, with the market bouncing back after the nervy moments experienced last week with a significant decline in local steel plate prices.
Steel prices actually gained ground by as much as USD 10 per LT LDT wiping out the previous week’s losses in the process as anxious buyers returned to the table, eager to get their hands on available tonnage once again.
As the political disquiet pre election finally begins to calm, many buyers can refocus their attentions on importing vessels once again. Despite the local volatility and the seemingly ample supply of vessels beached already in January, demand and pricing is expected to remain healthy for the foreseeable future.
Source: steel guru. 4 February 2014