As prices remained stranded well below USD 300 per LT LDT, it was another no show of a week in China.
Even Vietnamese, Indonesian and Filipino scrap yards were able to pay firmer levels than in China. As a result, many locally flagged smaller vessels finished up in these yards rather than making the voyage to a traditionally higher Chinese market.
Of course, the supply of well-priced state tonnage eligible for the subsidies remains consistent and this is where yards and owners alike continue to make their money.
Source: steel guru. 16 September 2014