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