Ship-breaking import prices in India, Pakistan and Bangladesh remained unchanged, w-o-w.
Offers from ship recyclers across the subcontinent markets remained firm on steady demand from Pakistan and India, while Bangladesh buyers continued to be on the sidelines for yet another week.
India leads subcontinent market
Buying interest from India remained strong with buyers bidding competitively to secure the tonnage.
There are reports of power shortages across the country, as electricity demand has risen and coal inventories have dropped to the lowest levels. Steel mills are experiencing high production costs due to rising power and coal prices.
Deals
Total tonnage at Alang Port last week amounted to 113,491 light displacement tonnage (LDT), up by 18% w-o-w.
Pakistan market continues to see active trading
Gadani recyclers continued to book new vessels amid firm demand. However, trade activities slowed down a bit due to limited working hours and unavailability of workers during the month of Ramadan.
The Pakistan currency PKR is currently trading at PKR 186.40 against the US dollar.
Deals
Total tonnage at Gadani Port last week amounted to 47,805 LDT, up by 13% w-o-w.
Bangladesh buyers in wait and watch stance
The market saw very few buying inquiries from end buyers last week as the slowdown in domestic demand over the month kept many buyers away from the market. The majority of yards have adequate inventory in place, keeping them away from booking at the current elevated rates.
Deals
Total tonnage reported last week at Chattogram Port was 65,461 LDT, down by 5% w-o-w.
Prices in $/LDT
Source: SteelMint Research
Leave a Reply