As the best placed of all the Indian sub-continent markets, it was surprising to see no deals concluded into Bangladesh this week. Ship owners have perhaps been far from impressed at the current levels on show and desperate cash buyers have been dumping their inventories into the only market paying up at present.
Chinese steel has still had an affect on local buyers, but this has not been as dramatic as in India and Pakistan, and the general feeling is that the domestic government will act swiftly should the situation become any more dramatic due to the overall importance of the ship recycling sector and close relations that local buyers have in government.
Nevertheless, with many of the hot buyers booked on recent cash buyer tonnages, it may be a quieter few months to end the year in Bangladesh. This may not be a bad thing however, with many large vessels (especially capesize bulkers) expected to hit the market in 2015.
Source: steel guru. 19 November 2014