Ship-breaking import prices in Bangladesh, India and Pakistan saw an uptick by $10/t to $20/LTD, w-o-w.
The subcontinent ship recycling market continues to touch newer highs every day with very few vessels being offered for recycling.
However, Bangladesh is leading the price charts owing to the resumption of construction activities and supportive finished steel prices.
Bangladesh comes roaring back
The market has sustaining its momentum w-o-w with growing demand for steel and ferrous scrap. With very few units available in the market, prices are expected to remain steady as inventories in yards need to be restocked to meet rising demand.
Deals
Total tonnage reported last week at Chattogram Port was 75,367 LDT, up by 90% w-o-w.
India behind its competitors
India unfortunately remains on the side-lines for yet another week, such has been the energy displayed by the more active Bangladesh and Pakistan markets over the past couple of weeks.
Union Budget 2022-23 has extended the customs duty exemption on imports of melting scrap (iron, steel, and stainless steel) for another year till 31 Mar’23.
The Indian rupee (INR) is currently trading at 74.50 to the dollar.
Deals
Total tonnage at Alang Port last week amounted to 22,755 LDT, down by 27% w-o-w.
Pakistan securing deals
A stunning week in Pakistan led to some increased offers on various vessels, which even saw one VLCC reportedly concluded at well above market levels.
End-buyers realize that the price is likely to remain at higher levels for some more time and to secure more tonnage, they need to be competitive with their neighbouring markets.
Deals
Total tonnage at Gadani Port last week was reported at 21,928 LDT, down by 1% w-o-w.
Outlook
Overall, the sentiments are likely to remain positive as demand is certainly good across markets.
Prices in $/LDT
Source- SteelMint Research
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