A 10% drop in the cost of steel plate is putting pressure on Chinese shipyards to reduce prices — and could prove a turning point in the newbuilding market.
Steel plate costs in China have fallen in the past quarter to between CNY 4,800 ($710) per tonne and CNY 5,000 per tonne.
Steel mills have been forced to cut their prices to stoke demand in response to China’s economic slowdown.
