The ship recycling market in South Asia remained dull for yet another week as both recyclers and end buyers were silent, waiting for clarity in prices.
While import prices in India dropped by $5/light displacement tonnage (LDT), w-o-w, the same in Bangladesh and Pakistan remained unchanged.
Sentiments in India soften
Scrap prices remained volatile throughout the week amid bearish steel sentiments. End buyers turned cautious and waiting for prices to attain stability before making purchases.
Deals
Total tonnage at Alang Port last week amounted to 58,423 LDT, down by 22% w-o-w.
Pakistan market remains flat
The end buyers in Gadani are anticipating a shortage of inventory at their yards and therefore started enquiring about vessels but at lower bids compared to what its neighbouring counterparts – India and Bangladesh – are bidding at. However, due to the ongoing sluggish trends no sales are heard uptil now.
Deals
Total tonnage at Gadani Port last week amounted to 6,626 LDT, down by 87% w-o-w.
Demand subdued in Bangladesh
The end buyers in Chattogram looked to secure small and mid-sized tonnage but there was a significant gap between the bid prices and sellers’ expectations, thus, resulting in no deals being concluded.
Deals
Total tonnage at Chattogram Port last week was 55,671 LDT, down by 17% w-o-w.
Prices in $/LDT
Source: SteelMint Research
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