The summer months have not been kind to the Chinese market with prices on scrap steel slipping even further, to place them well behind their Indian sub-continent competitors (at least by some USD 150 per LT LDT) and even behind Turkey as well.
Indeed, it would be no surprise if prices fell below even what Vietnam and Indonesian scrap yards are paying on geographically positioned units (usually locally flagged and smaller general cargo types).
It was therefore another bleak week in terms of local sales and even those owners with green vessels for China only, must surely be looking towards India to make up for the extremely disappointing prices on show.
Source: steel guru. 22 July 2014http://www.steelguru.com/international_news/GMS_weekly_report_on_China_ship_breaking_industry_for_WEEK_29/344560.html