Several weeks of non stop rains in Chittagong have preceded an overall damper market with very few offers on new vessels to report and prices emanating at far lower levels than expected.
Subsequently, a number of vessels seemingly destined for the Chittagong market (even those discharging there) have simply bypassed Bangladesh altogether, to head to the firmer markets of India and Pakistan.
Whilst Bangladesh lags at least USD 10 per LT LDT behind their competitors, with demand virtually non-existent at present, it may be a bleak few weeks ahead for local buyers who are perhaps more pre-occupied (at the moment) with Ramadan and the incessant rains.
Source: steel guru. 8 July 2014