Due to the foreign exchange crisis, slowing economic momentum, and weak steel demand in ship recycling destinations, recyclers have been reducing their offer prices significantly w-o-w as they anticipate further price correction in their local markets.
LC concerns intensify in Bangladesh
Owing to the rapid decline in Bangladesh’s currency, recyclers are unable to open Letters of Credit (LC). However, Bangladesh continues to lead the subcontinent’s price board by offering competitive prices compared to Pakistan and India.
Deals
Total tonnage reported last week at Chattogram Port was 55,233 LDT.
Buyers wait and watch
Steel prices continue edging down in key regions amidst moderate buying enquiries and increase in inventories. Buyers in Alang have taken a backseat as they are awaiting further price correction before bidding actively to secure available tonnage.
Deals
Total tonnage at Alang Port last week was 12,514 LDT.
Pakistan in trouble
Pakistani buyers too have failed to provide any serious, competitive, or even firm numbers due to the scarcity of units available for recycling.
While the nation’s general economic condition continues to raise concerns, Gadani is still a market that remains disturbed and the situation is not likely to improve soon.
Total tonnage at Gadani Port last week was nil.
Prices in $/LDT
Source: SteelMint Research
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