Ship-breaking import prices in the major sub-continental markets, Bangladesh, India and Pakistan, remained unchanged, w-o-w.
Active buying in Bangladesh
Bangladesh emerged as the leading subcontinental market despite stable offer prices. Chattogram buyers were active in securing several tankers in the recent weeks.
However, major steel mills remained quiet throughout the week without placing any major imported scrap orders as the continual rains slowed down construction activities in many regions.
Deals
Total tonnage reported last week at Chattogram Port was at 145,571 light displacement tonnage (LDT).
Indian prices mostly stable on firm plate prices
Steel plate prices have been relatively stable from the last week. Domestic demand for steel has also softened, leading to firm (ship breaking) prices in the local market. The Indian Rupee is currently trading at INR 74.34 against the US dollar.
Deals
Total tonnage at Alang Port last week amounted to 28,632 LDT.
Pakistan showing signs of improvement
Pakistan has secured several higher LDT vessels throughout the year (2021) including a vessel that was more suitably positioned for a Chattogram delivery.
Pakistan has almost recovered from the currency depreciation witnessed throughout the year and is hoping for a positive start to 2022.
Deals
Total tonnage at Gadani Port last week was reported at 39,380 LDT.
What may happen?
The subcontinental recycling markets may witness an uptrend in offer prices as the global supply of metal scrap has tightened alongside a severe shortage of units available for demolition.
Prices in $/LDT
Source- SteelMint Research
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