With levels stranded in the low USD 200s/LT LDT, it was no surprise to see no new vessels committed into the Chinese market for another week.
It will remain a quiet year on this front as the government subsidies that are artificially keeping prices low, are set to run until the end of 2015.
State owners with Chinese flagged tonnage will continue to sell their older vessels for sale within China and this will keep yards busy (on the scrapping as well as new building front) whilst ensuring Sellers receive the generous subsidy for recycling their units within China.
Source: steel guru. 29 Jan 2015