A slump in steel
prices and demand left an overall grim picture in the Chinese market come the
end of the week.
Following the sale
of three high spec and voung NYK capesize bulkers over the past two weeks for
guaranteed green recycling, a hesitation in offering saw a lull descend over
the market.
It is true that
capacity is at a premium for some yards, but declining steel prices also left
little incentive for end buyers to maintain previous levels as numbers on
bulkers began to be quoted in the low USD 300s/LT LDT.
As is the case in
Pakistan and elsewhere in the sub continent, only really desired units were
being talked of as potential candidates, with a whole raft of available tonnage
-many Vietnamese owned, struggling to find any sort of buyer whatsoever.
Source: Steel Guru (sourced from GMS Weekly). 25
July 2012
http://www.steelguru.com/chinese_news/GMS_report_on_China_ship_breaking_industry_for_WEEK_29_2012/275193.html
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