Indian ship-cutting plate prices rise, global prices flat w-o-w

The sub-continent markets (Bangladesh, India and Pakistan) have seen ship-breaking prices unchanged w-o-w.

However, Indian steel plate prices witnessed gains as the week ended, as both Pakistan and Bangladesh reported declines.

India local ship-cutting plate prices rise

Alang's local ship-cutting plate prices increased around by $28/t last week and Indian buyers have managed to take several specialist units and even some HKC tonnage in recent weeks.

The Indian rupee (INR) was at 74 to the dollar last week, further improving local sentiments.

Deals

• A chemical tanker, Laurel, of 3,337 LDT, arrived at the port.
  
  
• A general cargo, Saga Tide, of 10,712 LDT, also arrived.
  
  
• Total tonnage at Alang Port last week amounted to 59,170 LDT, down by 2% w-o-w.
  
  

Bangladesh recyclers are cautious

Steel plate prices in Bangladesh registered a marginal decline and local recyclers have been increasingly cautious.

As Bangladeshi buyers lost out to their Pakistani counterparts on a tanker coming in from the Far East, it is tough to comment whether Chattogram buyers will be able to maintain their leading position in the sub-continent market.

Deals

• Five tankers, Aframax River (16,740 LDT), BPP 12, of 945 LDT, Ever Exuberant, of 5,989 LDT, Hai Sson 29 of 2,603 LDT, and PK Marine 5, of 687 LDT, arrived at the port.
  
  
• A general cargo, Golden Sailing, of 1,545 LDT, also arrived.
  
  
• Total tonnage reported last week at Chattogram Port was 66,067 LDT, down by 30% w-o-w.
  
  

Pakistan unable to secure units

A week ago, we have seen an impressive deal, where Gadani buyers managed to steal a tanker coming in from the Far East, away from their Chattogram competition! But, last week, Gadani buyers failed to acquire any units.

Pakistani buyers decided to adopt a wait-and-watch approach last week, especially as steel demand in Bangladesh has also been slipping for weeks.

Deals

• Two tankers, Escapade, of 16,696 LDT, Gulf Glow I, of 1,950 LDT, arrived at the port.
  
  
• A barge, GTO II, of 1,550 LDT, also arrived.
  
  
• Total tonnage at Gadani Port last week was reported at 30,196 LDT, down by 32% w-o-w.
  
  

What may happen?

Sub-continental recycling markets seem to be in a confused state as steel plate prices show volatility which has been the key factor behind this recent shakiness in the markets.

However, the Indian market is firm as we enter Q4. Meanwhile, Pakistan buyers might get back to buying at their pace if demand, and pricing across Gadani remain firm.

Prices as on 5th Oct'21

Prices in $/LDT
Source- SteelMint Research