South Asia’s ship-breaking market was firmly poised with Bangladesh at the top, leaving behind the other recycling markets. The prices in Bangladesh, India and Pakistan were seen to be up last week, as per a recent GMS report.
Bangladesh was the prime market-mover, with prices shifting higher, and demand rising gradually with some outstanding figures witnessed in recent weeks, notably on LNGS, capes, and containers.
India remained behind Bangladesh in certain aspects, but stayed competitive in terms of green HKC boats that are still being made available. Pakistan was away from any substantial activity, due to L/Cs and competitive pricing.
India’s prices increase
For the second consecutive week, India’s Alang, the largest ship-breaking/recycling facility in the world, witnessed a successive hike of $10/LDT following the strong Bangladesh market. The market was seen as comparatively less active in the past week.
On the domestic front, the INR stood at 82.37 against the USD during the first half of the trading session on 14 March and has remained largely stable compared to the previous week’s nearly INR 82.04 against the USD.
The total tonnage at Alang Port last week was 22,739 LDT.
Bangladesh’s prices up w-o-w
Bangladesh continued to dominate the news for yet another week. Although it was a considerably slower-paced week in terms of trade activities, pricing remained quite strong in Bangladesh.
The Bangladeshi Taka remained largely stable at BDT 105.25 in the previous week and BDT 105.31 against the USD during the first half of the trading session.
The total tonnage reported last week at Chattogram Port was 66,996 LDT.
Pakistan’s market remains inactive
Yet another dull week passed in Gadani. There was little expectation of any significant movement in terms of offers or sales, while fundamentals remained in disarray.
The Pakistani currency went down slightly to PKR 281.24 during the trading session on 14 March from PKR 276.78 in the previous week.
The total tonnage at Gadani Port last week was nil.
Prices in $/LDT
Source: SteelMint Research
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