The sluggish Chinese market showed no signs of picking up this week as levels quoted - particularly for smaller vessels - dipped below USD 300/LT LDT to as low as 250/LT LDT.

The slowdown is reflective of an overall drop in growth in the Chinese economy; lower overall demand for steel combined with falling scrap steel prices has seen prices and demand drop drastically in the past month or so.

Turkey is still forging ahead on prices and is certainly at this stage considered to be the number four ship recycling centre ahead of China but behind India, Bangladesh and Pakistan currently (both in terms of capacity and levels).

Source - GMS Weekly

(www.steelguru.com)