Despite the odd sale being reported mainly from vessels discharging in or close to Chittagong waters and able to deliver before the budget of June 5 th most end buyers are choosing to wait and watch market developments rather than offer on candidates and compete with an over-zealous Indian market.
No changes to budget expected. It is not expected that any new tariffs, duties, or taxes will be imposed in the upcoming budget but most buyers, as usual, would rather remain cautious in their offerings and buying in case any undesirable changes come to pass.
The one deal of the week saw the Chinese controlled Panamax bulker DA FU STAR committed for USD 470 per LT LDT for a very prompt end May delivery and beaching, in what is likely the last pre budget sale to be recorded.
Source: steel guru. 27 May 2013