Desperately low steel prices saw quotes for scrap
ships sink even further in China, in what remained another hopeless week.
Prices are firmly entrenched in the mid to high USD 200s per LT LDT as the
price differential for vessels widens to USD 200 per LT LDT with the sub
continent markets.
Logically, as long as the state supply of tonnage
eligible for the government subsidies continues, these low prices will not be
of any worry to Chinese recyclers.
However, a complete absence of international tonnage
heading to Chinese yards is a worry to the recycling industry at large, in what
has been an extremely bleak year so far for the Chinese market.
Source: steel guru.
2 September 2014
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