With the Chinese New
Year officially ending this week, the slow migration from hometowns back to
places of work began, with most expected to be fully back to business by
Monday.
The immediate direction
of the ship-recycling markets in the Indian sub-continent rests firmly on the
shoulders of China and its steel exports. It is very much hoped that exports
will slow, bearing in mind China has no production targets to meet this coming
fiscal year and a significant slice of the 2014 surplus has already been
exported prior to the New Year.
With local steel prices
having slid to unprecedented levels over the course of the past year, it is
also hoped that the Chinese market can get back on its feet and become more
than just a domestic market for state owners eligible for the government
subsidies on the scrapping of their older vessels.
Source: steel guru. 3
March 2015
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