Latest quotes from China are showing radically higher steel repair figures, according to sources. From about 70-80 cents per kg a year ago, steel repairs are now being quoted at $1.30-1.50 per kg by Chinese repairers. “This reflects the fact that they don’t really want the work”, said one source. “They’re full!”. Nevertheless these new price levels are still well below Black Sea rates of close to $2 per kg and south European prices of well over $3 per kg. Despite a period of unprecedented profitability in most key markets, owners’ approach to ship repair has not changed, repair sources are saying. First, owners sought to postpone repairs as long as possible to make the most of soaring spot and short-term rates.
