South Asia: Imported ship-breaking offers firm, but India prices rise $5/t w-o-w

Imported ship-breaking offers remained firm w-o-w, with Indian prices rising $5/t. Indian steel plate prices had been declining over recent weeks. But, as last week came to an end there were signs of a slight rebound in steel prices. Meanwhile, the Bangladeshi market remained largely quiet last week.

Indian steel plate prices rebound

A decline in Indian steel plate prices was reported since the last two weeks in Alang. But, as last week came to an end, there were some signs of positivity, as rates stabilised and even improved a little as the week ended.

Deals

• A tanker, Yuhua Star (old sale), of 4,603 LDT, was concluded at $1,040.
• A tanker, Golden, of 13,166 LDT, arrived at the port.
• An oil tanker, Pharmony, of 3,193 LDT, arrived.
• A jack-up, Rio (under tow), of 8,729 LDT, arrived.
• A general cargo, Saga Wave, of 10,679 LDT, also arrived.
• A jack-up, Fox (under tow), 9,729 LDT, was beached.
• Total tonnage at Alang Port last week amounted to 52,699 LDT.

Bangladesh remains silent

The Bangladeshi market remained silent last week, with lesser interest seen from local recyclers on any available vessels for sale.

End-buyers have firmly entered a ‘wait and watch’ phase, preferring to monitor the market, rather than committing on any expensive inventory currently.

Deals

• A tanker, D&K 1, of 9,212 LDT, was concluded at $640 LDT.
• Five tankers, Aventine, of 16,365 LDT, Formula One, of 997 LDT, Muskie, of 13,841 LDT, North East 33, of 1,906 LDT, and Sunshine 16, of 740 LDT, arrived at the port.
• Two tankers, Sea Glamour, of 23,267 LDT, and Vlad, of 24,850 LDT, were also beached.
• Two LNG vessels, North Energy (tow), of 32,467 LDT, and South Energy (under tow), of 31,197 LDT, were beached.
• A hopper dredger, Darshan (under tow), of 4,613 LDT, arrived.
• A drill rig, Larry (under tow), of 6,842 LDT, was beached.
• A reefer, Star Mariner, of 3,137 LDT, was also beached.
• Total tonnage reported last week at Chattogram Port was 160,223 LDT.

Pakistan remains cautious

Pakistan remained cautious about the market developments in the subcontinent, and this may not be the best of times to test Gadani buyers with tonnage. It may be more of a quieter end to the year for Gadani buyers, SteelMint notes.

Deals

• A heavy lift, Zhen Hua 19, of 18,863 LDT, was concluded at $555 LDT.
• Two livestock carriers, Al Baraka 7, of 1,350 LDT, and Al Baraka 8, of 1,700 LDT, were beached at the port.
• Two barges, CB 5, of 1,220 LDT, and Iclyn 331, of 2,200 LDT, also arrived.
• A tug, Gema 1, of 939 LDT, was beached.
• A tug, Troy 1, of 772 LDT, arrived at the port.
• A tanker, Victory, of 9,276 LDT, was also beached.
• Total tonnage at Gadani Port last week was reported at 20,443 LDT.

What may happen?

Overall, steel plate prices are likely to remain volatile in the fourth quarter and local recyclers are expecting a further fall in prices going ahead.

Prices as on 22nd Nov’21

Prices in $/LDT
Source- SteelMint Research