Despite the softening of sub continent markets, it was another bleak week in China, with no international sales registering as prices hovered in and around (and even below for smaller units) USD 300 per LT LDT.
With Ramadan set to keep both Pakistan and Bangladesh out of the bidding and buying for the next month, now may be the ideal opportunity for Chinese buyers to step up to the plate and compete (at least) on geographically positioned tonnage.
The government subsidies have kept levels in Chinese demo yards artificially low for most of the year, so an improvement in price is hardly expected, yet if sub continent numbers continue their ominous slide, then China may be forced back into the action sooner rather than later.
Source: steel guru. 1 July 2014http://www.steelguru.com/international_news/GMS_weekly_report_on_China_ship_breaking_industry_for_WEEK_26/342860.html