Bangladesh continued to be the leading ship recycling market with prices nearing to $700/light displacement tonnage (LDT) levels. Ship breaking import prices in Bangladesh, India and Pakistan were up by $15-$25/LDT, w-o-w.
The market saw increasing bids (especially from Bangladesh and Pakistan) from end-buyers amidst tight steel supply and limited vessels along with high ocean freight rates. Demand for vessels remained high in all recycling markets.
Bangladesh market bullish
Bangladesh was the leading ship recycling market with prices reaching close to the $700/LDT-mark. Increasing steel demand, limited availability of raw materials, and rising global scrap prices supported ship breaking offers.
Deals
Total tonnage reported last week at Chattogram Port was 85,737 LDT, down by 23% w-o-w.
India misses out on vessels
Despite some price corrections seen towards the end of last week, local steel plate prices continued to increase. End buyers refrained from bidding on any units and were waiting to watch out the future market trend.
Deals
Total tonnage at Alang Port last week amounted to 47,952 LDT, up by 4% w-o-w.
Pakistan market rebounds
Despite the uncertainties, demand from recyclers was stable due to rising domestic steel prices. Offer prices from both Pakistani and Indian recyclers were at the same levels.
Deals
Total tonnage at Gadani Port last week was reported at 26,114 LDT, down by 60% w-o-w.
Prices in $/LDT
Source- SteelMint Research
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