Recycling activities have slowed down with the onset of the monsoon season. Ship recycling markets remained quiet, with rains affecting the market activities in Alang and Chattogram.
Ship-breaking import prices dropped by up to $25/LDT in Bangladesh and Pakistan while prices in Indian market were up by $5/LDT.
Domestic steel prices support scrap demand in India
Scrap demand and prices continued their recovery last week with improvement in domestic steel prices.
The Indian rupee is currently trading at 79.30 against the dollar.
Deals
Total tonnage at Alang Port last week amounted to 16,723 LDT.
Trading slows down in Bangladesh on Eid holidays
The Eid festival kept the market activities quiet last week. Heavy rainfall also kept domestic buying activities subdued.
The demand and price outlook is expected to be clear next week after the market reopens post-the holidays.
Deals
Total tonnage reported last week at Chattogram Port was 46,747 LDT, down by 35% w-o-w.
Pakistan market muted
No significant deal was concluded last week. The Gadani market remained closed amidst Eid holidays. Prices were also the lowest across the sub-continent markets.
Deals
Total tonnage at Gadani Port last week was nil.
Prices in $/LDT
Source: SteelMint Research
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