- Dithered progress
- Marginal sales
Waiting:
The Bangladeshi market continues its cherry
picking / slow phase as the local recycling market gradually approaches an
impending closure on October 12. With tonnage aplenty (large LDT vessels /
capers delivered during June to early July) still on the beaches locally, an
extremely small number of buyers have been coming forth to show any interest to
negotiate.
As such, the industry has been
observing a dithered progress (in terms of local purchases) from Bangladeshi
recyclers.
The only sale to report this week was
that of Vietnamese controlled ITC DRAGON. The vessel was reportedly committed
to Cash Buyers at a relatively strong USD 518 per tonne basis end September
delivery. Perhaps the Buyers took a punt on the market bouncing back prior
closure, towards the last tide in September.
As stated in the market commentary,
with the religious month of Ramadan now over and Monsoons on their way out as
well, it is likely that Chittagong buyers may come forth to bid on some tonnage
as the month progresses.
Source: GMS Weekly. Tuesday, 06 September 2011
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