Having endured a rough
few months of constant steel price falls (amidst a fresh batch of imported
Chinese billets immediately prior to New Year), Bangladesh buyers began to
search for any glimmers of stability, in order to justify a return to the
buying.
A positive Indian budget
would be one step to encourage end users, along with news on a halt (or at
least slowing) of the cheap Chinese exports. Political instability that has
gripped the country during the start of 2015 has unfortunately showed no signs
of slowing as a new wave of strikes is reportedly ongoing.
Meanwhile, sales of two
panamax-sized bulkers at USD 360 per LT LDT benchmarked the lower overall
levels on show. The EKRAM M (9,700 LDT) and the Chinese controlled RUI FU FA
(9,711 LDT) both fetched USD 360 per LT LDT as the first market sales in the
recent past.
Bank limits are also
proving to be a problem for many buyers with limits not being approved due to
the tremendous losses sustained by most end users (by almost 25%) due to market
falls over the past 6 months or so.
Source: steel guru. 3
March 2015
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