The ship recycling market, after a long period of dull buying activity, saw demand revival as several buyers were seen enquiring and booking the tonnage.
Ship-breaking import prices in India, Bangladesh and Pakistan were up by up to $10/LDT, w-o-w.
Trade resumes in India
Bids from Indian recyclers improved w-o-w backed by stable domestic steel demand. There was increased buying interest for small-sized tonnage in the market and end buyers bid competitively to secure the same.
1 chemical tanker (Pisco Bravo, of 2,564 LDT) was sold at $1,200/LDT (including 538 t of stainless steel 316 low carbon content on board)
Deals
Total tonnage at Alang Port last week was 25,308 LDT.
Pakistan shows signs of recovery
Pakistani ship recycling market saw signs of demand recovery and increased enquiries were seen from Gadani in the week under review.
Imported scrap market improved gradually as the recent gain in the currency brought some relief to scrap buyers and steel mills, which may support fresh bookings.
However, domestic steel market witnessed weak demand due to heavy rainfall and Muharram holidays.
Total tonnage at Gadani Port last week was nil.
Bangladesh market under pressure
In Chhattogram market, fresh rumours now circulating that any vessel valued at over $2 million will need Central State Bank approval to open any fresh L/C (reportedly further down from the recently announced $3 million).
Bangladesh continues to reel under pressure due to factors such as currency devaluation, LC-related issues and weak steel demand. The end buyers were looking for small-sized tonnage to meet their inventory needs.
Deals
Total tonnage reported last week at Chattogram Port was 61,077 LDT.
Prices in $/LDT
Source: SteelMint Research
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