As one or two speculators made their moves in Bangladesh last week something that saw prices spike upwards bv some USD 20/LT LDT this week saw steel prices soften by approximately the same amount (BDT 2,000, about USD 26/LT LDT) to give the market a more realistic outlook again.
The general feeling is that the ongoing political instability and strikes, along with the upcoming election around January 23, will likely see local steel plate prices gain ground once again.
For that reason, some of the bigger buyers continued to speculate into this week (despite the falls on scrap steel seen on the ground), and along with one or two private sales.
The heavy lift carrier ASIAN ATLAS (18,846 LDT) was concluded for USD 407/LT LDT 'as is' Singapore with about 700 T bunkers included in the sale. There were some questions over the stabilitv of the vessel and its capability to make a safe onward voyage, but one would presume she is a Bangladesh candidate owing to the proximity to this market and the preference for larger LDT units there.
Source: steel guru. 26 November 2013