As reported earlier, Bangladesh was somewhat slow to react to the import of cheap Chinese billets, which left many onlookers somewhat doubtful as to the genuine nature of the recent cooling in prices and demand.
What has been seen over the course of the week however, has been a crash in local steel prices by around USD 10 per LT LDT. However, having seen prices rise last week for the same amount, the market has leveled itself off again.
Yet, several days of consecutive falls in local steel plate prices naturally panicked end users who began to withdraw once again, preferring to wait and watch rather than offer on new tonnage (or offer incredibly low numbers in the hopes of securing a good bargain).
The one market sale concluded saw the handymax bulker GROWING (7,329 LDT) committed for a decent USD 420/LT LDT from Taiwanese owners, who have sold one other handymax bulker earlier this year and have now finished off their fleet with this most recent sale. The deal was done bsdid as is Kaohsiung with about 300 Tons ROB included in the sale at no extra cost.
Source: steel guru. 26 November 2014