GMS weekly report on CHINESE shipbreaking industry for WEEK 43 of 2011:

• Levels below 400/lt ldt

Required to Raise Their Game!

Tuesday, 01 Nov 2011With the Chinese market some USD I00/LT L.DT behind what Indian sub-continent buyers are currently talking on price, chances of securing available units were once again minimal for the week.

Indeed there seems to be a huge spread of numbers currently emanating from yards ranging from low to mid to high 300s/LT L.DT (but very rarely above).

It may take a sale or two, to peg exactly where levels are likely to settle, but the prevailing sentiment seems to be wary with an overall reluctance to even offer if pushed.

With Bangladesh all but closed for the next month or 2 at least, China will be expected to pick up their fair share of units. However, (despite steel prices falling once again at the start of the week) local buyers are going to have to raise their game in order to tempt any owners to sell any time soon.

Source: Steel Guru (Sourced from GMS Weekly). 1 November 2011

http://www.steelguru.com/chinese_news/GMS_weekly_report_on_Chinese_ship_breaking_industry_for_WEEK_43/233326.html

http://download.hellenicshippingnews.com/pdf/October%2028,%202011.pdf