After a prolonged period of stagnation, the ship recycling business is slowly gaining momentum thanks to renewed enquiries from India and Bangladesh end-users. While domestic steel demand is rebounding in these countries, the Pakistan market is still at a standstill because of floods that have disrupted logistics activity.
Ship-breaking import prices in India and Bangladesh are up by $5/LDT, w-o-w, while prices in Pakistan remained unchanged.
Indian market stable
India’s imported ship-recycling market remained mostly stable w-o-w. The end buyers were seen bidding competitively to secure tonnage because there were very few units available in the recycling market.
Deals
Total tonnage at Alang Port was at 5,158 LDT last week.
Sentiments in Bangladesh improve
The market will improve in September as it is the peak season for construction activities. The end consumers of Chattogram are getting their confidence back and bidding to secure tonnage.
Deals
Total tonnage last week at Chattogram Port was 87,591 LDT.
Floods cause devastation in Pakistan
Due to the heavy downpour, the Gadani market turned quiet. Due to flooded roads that have prevented access to the highways and connectivity, transportation is currently at a standstill. It seems that things will take some time to return to normalcy.
Total tonnage at Gadani Port last week was nil.
Prices in $/LDT
Source: SteelMint Research.jpg)
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