Ship-breaking import prices into India and Pakistan rose by $5/LDT, while on the other hand prices in Bangladesh were stable, w-o-w.
It has been another impressive week in both the Indian and Pakistani markets, with Pakistan reporting several sales above the $700/LDT mark.
Pakistan leading subcontinent market
Offers from recyclers in Pakistan are currently leading the price chart in the subcontinent market as shortage in stock in the yards has driven up the need to secure tonnage.
Imran Khan has been deposed as the Prime Minister. Despite the political uncertainty surrounding the leadership of the country, buyers have acquired two vessels at levels above $700/LDT.
Deals
Total tonnage at Gadani Port last week amounted to 29,818 LDT, w-o-w.
Indian market stays strong
Prices from India remained firm, despite strong competition from an emerging Gadani last week. However, it has been a quieter week in terms of sales to Alang recyclers.
The Indian rupee is currently trading at 75 against the US dollar.
Deals
Total tonnage at Alang Port last week amounted to 45,453 LDT, down by 20% w-o-w.
Bangladesh market lags behind
Buying orders from steel mills have significantly reduced amidst low finished products demand. The mills are only buying to meet urgent needs and are waiting to get clear direction before placing more orders.
Construction activities have also slowed down to a great extent due to increasing prices, adversely affecting the demand of rebar. However, major mills have been keeping their rebar offers firm.
Deals
Total tonnage reported last week at Chattogram Port was 91,344 LDT, up by 7% w-o-w.
Prices in $/LDT
Source- SteelMint Research
Analysis
Buying activity in the recycling market remains positive with attractive offers coming from Pakistan and India. But, Bangladesh slightly lags behind these two markets in terms of prices being offered.
Leave a Reply