The Chinese market and its import of cheap steel into the sub-continent markets has proven to be the root of all problems. Local demand has dampened so much as the Chinese economy has cooled in the latter half of this year, that the only way to get rid of the stockpiles of steel has been to export them abroad.
Sub continent governments are expected to react to this by increasing duties on these imports, thereby stimulating their own locally processed steel industries.
Chinese levels on new ships remain anchored some USD 200 per LT LDT away from their sub continent competitors, so there has been the now customary dearth in international tonnage to local yards for another week.
Source: steel guru. 4 November 2014