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Steel Industry Takes a Breather
The global steel market has recently been overheated, with much higher production than consumption. Steel stocks increased and prices fell back. In sharp contrast, raw material prices are locked in at very high prices,  resulting in severe losses for many steel producers. After self-imposed steel production cut-backs in several countries, Chinese authorities in late October announced a 4th quarter cut of 10 million tonnes in the country´s production of certain steel products. That corresponds to more than 15 million tonnes of foreign iron ore.
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Reduced Growth in Oil Demand - Big Changes in Supply
In July, the IEA revised its forecast for world oil demand growth in 2005 down from 2.2% to 1.9%, whereas estimates for last year were revised up from 3.4% to 3.6%. World oil demand in 2Q was only 1.0% higher than last year, after a growth of 2.0% in 1Q. The most striking feature is that China´s oil consumption is reported to be down 1.0% in 2Q this year, against a growth of 23.4% in the same quarter last year.

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Strong Bulk Recovery
After a long period of decline the dry bulk market bounced back in early August, with the Baltic Dry index increasing 51% in just three weeks before easing somewhat to end the month up 44% from end July.
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Fearnleys Weekly Market Update; Week 36 2010
Tankers		Dry Bulk
Some VLCC owners are trying to resist current low rate levels, whilst others are still there to compete. With these two factions, those suff... Read more		The Baltic index has increased from 3516 to 4024 though the past week. The average time charter rates have increased from usd 34488 to 40904... Read more
Gas		Newbuilding
Since our last week's report the VLGC market has gone from busy to slow and back to busy. FOB spot sales and tenders and continued appetite ... Read more		Strong activity this week, with a total of 28 ships reported. The contracts were evenly distributed between bulkers, tankers, and containers... Read more
Updated 08.09.2010

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