South Asia: Imported ship-breaking offers firm, India prices rise $5/LDT w-o-w

Imported ship-breaking offers remained firm w-o-w, with Indian prices rising $5/LDT.

The sub-continent has left many recyclers across South Asia concerned with the decline in steel plate prices. This is making many of them opt for a wait-and-watch approach rather than committing on fresh tonnage.

India recovering

The Indian market is meanwhile recovering from the significant fall in steel plate prices witnessed over the last few weeks. While this has certainly affected local sentiments and left most recyclers in panic mode, majority of market players are preferring to wait and watch market developments, rather than offering on any of the limited number of market vessels available.

The Indian rupee (INR) continues trading at 74 against the dollar.

Deals

• Two oil tankers, Aum, of 1,598 LDT, and Jalpari, of 2,999 LDT, arrived at the port.
• A supply vessel, Big Orange (under tow), of 1,457 LDT, was beached at the port.
• An oil tanker, Glomma, of 1,826 LDT, was also beached.
• A chemical tanker, Goldstar Nari, of 2,947 LDT, arrived.
• An LPG, Ramgas, of 6,720 LDT, also arrived.
• Total tonnage at Alang Port last week amounted to 60,518 LDT, up by 15% w-o-w.

Bangladesh mostly quiet

It has been another silent week in Bangladesh, as most of the recyclers are not even coming forward to offer on any available units. However, the Chattogram recyclers have not been affected as badly as their neighbouring players (in India and Pakistan) and are expecting a relatively stable-to-firm market moving into the final month of the year.

Deals

• A tanker, Jacob, of 22,572 LDT, was concluded at $625/LDT.
• A RoRo, Altair, of 6,395 LDT, arrived at the port.
• Three tankers, Bull Sumbava, of 7,842 LDT, Global, of 42,152 LDT, and Ostrov Russkiy, of 2,397 LDT, also arrived.
• A general cargo, Ocean 68, of 2,369 LDT, arrived.
• Total tonnage reported last week at Chattogram Port was 99,617 LDT, down by 38% w-o-w.

Pakistan mostly firm

Gadani recyclers remained firm in their offers because of the ongoing supply shortage of tonnage. Market players might work on any available tonnage as we move towards the year-end.

Deals

• A livestock carrier, Aliman, of 2,986 LDT, was beached at the port.
• A passenger ship, Antares Experience, of 24,541 LDT, arrived at the port.
• A tanker, Red Sea Pearl, of 1,894 LDT, also arrived.
• A tug, Troy 1, of 772 LDT, was also beached.
• Total tonnage at Gadani Port last week was reported at 30,193 LDT, up by 48% w-o-w.

Outlook

Overall, it is more likely to be a quieter end to the year across the sub-continent markets (Bangladesh, India and Pakistan).

Prices as on 30 Nov’21

Prices in $/LDT
Source- SteelMint Research