Shipbreaking import prices in India, Pakistan and Bangladesh fell by $15-20/LDT w-o-w, as per SteelMint assessment.
Recyclers lowered their offers in view of declining steel demand and correction in steel prices. The recycling market last week remained silent during the Eid holidays and a clear price direction will be determined when market players return to action next week.
India leading the market
The recyclers from Alang slightly decreased their offers amid falling international scrap prices and moderate steel demand in the domestic market. Export prices are likely to see some clarity next week when major importing nations resume work after holidays.
However, India is still leading the price board despite undergoing a vital power crisis due to shortage of coal.
Deals
Total tonnage at Alang Port last week amounted to 75,991 LDT, up 9% w-o-w.
Pakistan market in holiday
The market remained closed last week owing to the Eid holidays and, therefore, no buying enquiries were heard. Sentiments in the domestic market will assume clarity once the markets reopen next week.
Total tonnage at Gadani Port last week was nil.
Market muted amidst weak sentiments
Scrap ship buyers in Chittagong remained inactive last week as the market was closed for the Eid holidays. Market participants are waiting for trading to resume next week for a clearer direction to emerge as far as scrap prices are concerned.
Imported scrap prices further softened by about $10-15/t last week.
Total tonnage reported last week at Chittagong Port was nil.
Prices in $/LDT
Source: SteelMint Research
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