Imported ship-breaking prices across South Asia remained unchanged w-o-w with a deal concluded for India. However, Bangladesh and Pakistan were out of the market due to liquidity constraint.
Deal concluded for India
Significantly, for yet another week, India emerged as the most active market. Last week, one smaller container unit of a respectable size was booked. Moreover, the fundamentals (though volatile) appeared to be less wobbly overall last week as the rupee maintained its upward momentum against the dollar, hovering at around 82.
Deals
Total tonnage at Alang Port last week was 23,574 light displacement tonnage (LDT).
Bangladesh in frustration
In contrast, Bangladesh continued to grapple with frustration due to several reasons, including a shortage of funding, and the fact that many plots were effectively idle. Due to Central Bank restrictions that currently forbid even purchases of $1 million, activities in Chattogram were completely absent.
Deals
Total tonnage reported last week at Chattogram Port was 48,049 LDT.
Pakistan still not stable
Meanwhile, Gadani buyers continued to experience difficulties in their efforts to acquire new tonnage, particularly when competing with the more secure and confident Indian market.
Therefore, it should come as no surprise that Pakistan is still in such a condition of stagnation, since the country’s persistent political uncertainty and sluggish fundamentals show very few indicators of a turning point.
Deals
Total tonnage at Gadani Port last week was 9,824 LDT.
Prices in $/LDT
Source: SteelMint Research
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