Ship-breaking import prices in Bangladesh, India and Pakistan were up by $5-$25/LDT, w-o-w.
However, Bangladesh led the price chart with good deals secured compared to India and Pakistan which saw no sales w-o-w.
Overall, the ship recycling market performed remarkably well with stable demand and supply across the major recycling destinations i.e., Bangladesh, India, and Pakistan.
Bangladesh market rebounds, secures deals
The ship breaking market in Bangladesh, which was mostly quiet for the past few weeks due to rains, regained momentum with increase in trading activities and hike in prices, thereby, improving bid prices from end buyers.
Deals
Total tonnage reported last week at Chattogram Port was 43,210 LDT, w-o-w.
India continues to maintain upward momentum
Domestic steel prices maintained the upward momentum this week, too, allowing end buyers to bid competitively for vessels available in the recycling market.
The Indian rupee (INR) fell by 1.3% amid the ongoing conflict between Russia and Ukraine. The INR is currently trading at 75.26 against the US dollar.
Deals
Total tonnage at Alang Port last week amounted to 26,442 LDT, w-o-w.
Pakistan buyers cautious
Gadani recyclers decided to remain silent this week. As a result, most of the vessels were diverted to a resurgent India or (better yet) Bangladesh.
Buyers were concerned with the current international situation because of the war between Russia and Ukraine and how it would affect the prices of imported scrap.
Deals
Total tonnage at Gadani Port last week was reported at 59,716 LDT, w-o-w.
Prices in $/LDT
Source- SteelMint Research
What may happen?
During these unprecedented times, it is difficult to make substantial buying decisions due to the fear of unforeseen changes, which is why most of the recyclers are looking for mid-sized tonnages instead of large-sized tonnages, despite of the robust steel market, SteelMint understands.
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