Ship-breaking import prices in India remained unchanged but dropped by $5/LDT, w-o-w in Bangladesh and Pakistan markets.
Ship recyclers are in a state of confusion as they are unable to float firm offers amidst highly volatile conditions. Meanwhile there is a shortage of units in the recycling market which became a strong reason for end buyers to bid competitively to secure tonnage. Despite this, there is still a huge gap between the price expectations of sellers and buyers.
India market sentiments remain dull
Buyers preferred to wait and watch to see some stability in prices before making any purchase in the current market conditions. Despite many yards running empty, only a few inquiries have come from Indian buyers.
Deals
Total tonnage at Alang Port last week amounted to 26,216 LDT, down by 43% w-o-w.
Bangladesh forex reserves decline
Declining forex reserves has made it difficult for Chattogram buyers to get finance for medium to large sized tonnage as banks are reluctant to open letters of credit for high value transactions. The offer prices have further softened by $5/LDT last week due to weak steel demand in the domestic market.
Deals
Total tonnage reported last week at Chattogram Port was 47,443 LDT, up by 4% w-o-w.
Pakistan currency falls against $
A sharp drop of about $55/t in imported scrap prices has turned sentiments in Pakistan market dull, causing panic among the steel industry participants.
The Pakistani rupee (PKR) continued to set new records as it dipped to 209 against the US dollar.
Deals
Total tonnage at Gadani Port last week amounted to 16,066 LDT, up by 10% w-o-w.+
Prices in $/LDT
Source: SteelMint Research
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