Ship breaking prices in Asian markets remained volatile amid upcoming New Year holidays.
In Alang, prices reversed in a previously rampant as buyers started to retreat back into their shell, while the same in Gadani and Chittagong market rose over increased demand for large LDT units.
India
SteelMint’s weekly price assessment showed a decline in imported ship breaking offers. The offers fell by $20/LT on a weekly basis.
India is still the best recycling destination but due to volatile steel plate prices in the domestic market, buyers are thinking twice to secure any fresh vessels. No major deals were reported this week.
- The Indian Rupee remained positively poised and is trading at INR 73.5 against the U.S. Dollar.
- The total tonnage reported in the Alang port last week was at 78,849 LDT.
- A MODU (Under Tow) arrived at the port namely Master A (10,580 LDT).
Bangladesh
Bangladesh ship breaking prices increased by $5/LT on a w-o-w basis. This week remained as a no-sale week for the Bangladeshi scrapped ships market as many end-buyers in Chittagong have adopted a wait-and-watch approach. It was also learned that a few vessels were diverted to Pakistan over higher cost.
- The total tonnage reported last week in the Chittagong port was at 22,076 LDT.
- Two tankers arrived at the port namely LMS Dunhinda (1,071 LDT) & Eli (4,815 LDT).
Pakistan
Pakistan once again emerged as the top buying recycling market with rising demand for large LDT units.
- Total tonnage reported in the Gadani port last week was at 54,727 LDT.
- Two tankers beached at the port namely Calma (17,002 LDT) & New Paros (16,696 LTD).
Prices in $/LT
Source- SteelMint Research
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