GMS weekly report on BANGLADESH shipbreaking industry for WEEK 27 0f 2011:

As luck would have it, the news that many had been hoping for from Bangladesh on Sunday July 10th, was delayed until July 12th due to a nationwide strike being called on July 11th. This could result in the judge not being able to pass his verdict on the anticipated market extension until perhaps as much as another week.

With such potential delays brewing, it is proving increasingly difficult to solicit any meaningful offers from end buyers, who are understandably reluctant to commit on tonnage without knowing for certain whether the local market will remain open.

The expectation is that the extension will be granted and the ruling is viewed as merely a formality, but due to the volatile nature of the legal and political system in the country, nobody is willing to make any moves until the official green light is in place.

Source: Steel Guru (Sourced from GMS Weekly) 12 July 2011

http://www.steelguru.com/indian_news/GMS_weekly_report_on_Bangladesh_ship_breaking_industry_for_WEEK_27/214074.html