A series of interesting developments in the Bangladeshi
market this week saw prices shoot up to some incredible, and (some would say)
speculative levels. One particularlv hot buyer, who was over-eagerly relying on
a firming market, went on a spending spree at figures well above prevailing
market conditions.
The purchase of the panamax bulker GLORIOUS RENA (10,400
LDT), less the usual address commission, was one such case in point. Vietnamese
owned bulker SOUTH STAR (8,920 LDT), which too had been committed to the same
buyer and was an expensive deal even at the time of its fixture, failed onlv a
few days later. Whether GLORIOUS RENA suffers the same fate, remains to be
seen.
Optimism is beginning to show locally as steel plate prices
rebounded from last month and the currency remains stable. An increasing number
of enquiries are emerging for new tonnage, yet the market remains just off what
India is paying, and is some way behind the demands of owners and cash buyers,
for the time being at least.
Source: steel guru. 8
October 2013
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