Ship breaking prices in Asian markets saw an uptick of $5-20/LT on decent demand across all locations. The prices for Pakistan have increased by $40/t, while the same in India & Bangladesh marked a rise of $5/LT, w-o-w, as per SteelMint’s weekly assessment.
India
India continues to remain as the top recycling destination to secure HKC green tonnage. The budget announcement of plans being afoot to double the ship recycling capacity has also generated positivity in the market. As of now demand remains good and steel prices have been on an upward trend in the local market.
- The Indian Rupee gradually gained ground against the U.S. Dollar & is currently trading around INR 72.
- The Vafias owned 2006 built Aframax tanker MARQUESSA (18,090 LDT) deal concluded at $320/LT on ‘as is’ basis Manila delivery.
- The total tonnage at the Alang port last week was 38,788 LDT.
- One cement carrier – Raysut I (3,715 LDT) & a bulk carrier namely- Dynia (12,960 LDT) beached at the port.
Bangladesh
Demand of scrapped ships increased slightly among the cash buyers and few deals were finalised in the market.
- A Panamax bulker RIGEL (10,156 LDT) from Greece was committed to a Bangladeshi Recycler at $449/LT.
- Two ore carriers – Magic (46,334 LDT) & Merchant (37,538 LDT) arrived at the port in the last week.
- One RoRo/Cargo also arrived in the port- Lucino 1 (10,518 LDT).
- The total tonnage reported last week in the Chattogram port was 227,629 LDT.
Pakistan
Gadani market has once again emerged and is seeing some improvement in prices due to local steel prices. However, no major deals were concluded last week. It is hoped that after the Chinese New Year holidays buyers will be back in the market as most of the yards are starting to free up once again.
- Total tonnage reported at the Gadani port last week was 1,831 LDT.
- A tanker named Boisterous (1,831 LDT) was beached at the port on 12th Feb ’21.
Prices in $/LT
Source- SteelMint Research
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