As perhaps the one sub continent market to display signs of re-awakening,
it was encouraging to see two sales confirmed at decent levels (albeit deals
that had been in the market and had failed several times at unrealistic
levels).
The G-bulk controlled ALCESTE (7,651 LDT) and SANTA BARBARA (8,103 LDT)
reportedly found buyers (with an India options) at USD 475 per LT LDT (with 250
T bunkers ROB) and USD 485 per LT LDT (with 350 T bunkers) respectively. It
will be worth keeping an eye on whether those contracts are signed next week.
Otherwise, re-rolled steel is selling at encouraging numbers and there
are an emerging number of end buyers available to take tonnage again. It is
hoped that Pakistan can drag the other sub-continent markets back into the
realms of reality again.
Source: steel guru.
4 November 2014
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