Marginal signs of an improvement in pricing and sentiment were visible this week perhaps as a result of a slowing in the supply of state owned tonnage and a realization that an improvement will be needed following the election victory in India, to secure any market vessels at all.
Levels though still remain stranded USD 150 per LT LDT below what their sub continent competitors are paying and for even smaller general cargo units positioned in the area, it is gradually making more sense for owners to head elsewhere.
Local scrap markets in the Philippines, Vietnam and Indonesia have been more competitive on the pricing of late than the Chinese market and some serious upwards moves on the price will need to be made in future, to secure any of the international tonnage.
Source: steel guru. 27 May 2013