Ship recycling prices are on a downtrend from the past two weeks. Ship-breaking import prices in India, Pakistan and Bangladesh fell further by $10-25/LDT, w-o-w.
India market bearish
The decline in domestic steel plate prices is the major reason behind the recent drop in prices. However, India still remains the top recycling market in South Asia for yet another week.
End-buyers from Alang are very cautious amidst the highly volatile steel prices.
Deals
Total tonnage at Alang Port last week amounted to 123,690 LDT, up by 95% w-o-w.
Currency depreciation weighs on Pakistan buying
Pakistan recycling market is under immense pressure due to the continual devaluation of the national currency. Pakistan rupee (PKR) depreciated further by 3% against the dollar last week. Under the current economic conditions, end-buyers are hesitant to make buying decisions until the domestic market shows some stability in steel demand and prices.
Deals
Total tonnage at Gadani Port last week amounted to 45,229 LDT, up by 1% w-o-w.
Nil bookings from Bangladesh
End-buyers of Chattogram had remained on the sidelines for a long time without making any significant purchases, which resulted in a drop in the inventory levels of the yards.
Buyers have now started making inquiries at lower levels amid shortage but no bookings have been reported.
Deals
Total tonnage reported last week at Chattogram Port was 52,991 LDT, down by 2% w-o-w.
Prices in $/LDT
Source: SteelMint Research
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