Ship-breaking import prices in Bangladesh, India and Pakistan are down by $5-$15/LDT, w-o-w.
The ship recycling market is experiencing volatility and uncertainty in prices and is going through a demand-supply chain disruption. Steel prices have seen a slight correction in the subcontinent with buyers remaining cautious due to price fluctuations and waiting for prices to stabilise.
India securing deals with minor corrections in steel prices
Domestic steel prices witnessed a slight correction last week but somehow managed to secure a deal. There are mixed feelings among the end buyers as a few are aggressively bidding to acquire tonnage while others prefer to wait and watch the global scrap prices outlook before making any final buying decision.
Deals
Total tonnage at Alang Port last week amounted to 49,525 LDT, up by 3% w-o-w.
Bangladesh market remains muted
Bangladesh’s market is unwilling to accept a slight dip back into the market even after last week’s decline in local steel plate prices.
However, they are still leading the price board by offering higher prices compared to the neighbouring markets of Pakistan and India.
Deals
Total tonnage reported last week at Chattogram Port was 88,925 LDT, up by 4% w-o-w.
Pakistan market mostly quiet
It has been another quiet week in Gadani, with end-buyers struggling to step up. There is a great deal of uncertainty and confusion in the market owning to multiple factors, such as the devaluation of the Pakistani Rupee and the correction in steel prices.
Such scenarios are keeping market participants cautious of taking major buying decisions and they are waiting for a clearer price direction.
Deals
Total tonnage at Gadani Port last week was reported at 2,000 LDT, down by 92% w-o-w.
Prices in $/LDT
Source- SteelMint Research
Outlook
Overall, it may perhaps take a week or two to understand where the prices will stabilise.
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