Despite two market sales, the Bangladeshi market struggled on for yet another week (in terms of sentiment and pricing). With Eid, one of the biggest holidays of the year taking place next week, the focus of nearly all end buyers remained on the upcoming festivities rather than negotiate on tonnage.
Meanwhile, heavy rains have also beset Chittagong over the monsoon period again dampening demand and making existing deliveries, beachings (for various clearances and boardings) and cutting, almost impossible.
Of the sales that did take place this week, the handymax bulker SEVENKAR (8,206 LDT) was committed for a decent USD 460/LT LDT (with the premium obtained for the 250 T bunkers on board).
In a more speculative purchase, the woodchip carrier WINTEC (9,410 LDT) obtained a very firm USD 480 per LT LDT, with the concerned cash buyer presumably speculating on the market picking up post Eid.
Source: steel guru. 22 July 2014