Shanghai: China’s ship recyclers are enduring a torrid time of late. “The summer months have not been kind to the Chinese market,” ship scrapping experts, GMS Weekly notes in its most recent report. Prices on scrap steel have slipped further, to place them well behind their Indian sub-continent competitors, at least by some $150 per ldt and even behind Turkey as well.
GMS said it would be no surprise if prices fell below even what Vietnam and Indonesian scrap yards are paying on geographically positioned units, which tend to be locally flagged and smaller general cargo types. [22/07/14]