South Asia: Imported ship-breaking market continues downtrend w-o-w

South Asia's imported ship-breaking market witnessed a decrease in trade activity last week. However, India managed to finalise some deals for HKC green recycling. At present, Bangladesh and India are the most active markets in the sub-continent, as per the GMS Report.

Meanwhile, Pakistan has been completely absent from market activity for over two months now. The country is facing significant challenges on opening new letter of credit (L/C) and liquidity crises. These challenges have affected its ability to participate in the market.

On the other hand, Turkiye's market conditions continued to deteriorate in terms of prices.

Indian prices drop w-o-w

Indian market remained the most active in terms of trade last week. Amidst recent falls in Alang, there were deals concluded for an FPSO and a General Cargo vessel at decent levels. In addition, Alang continued to remain the "most preferred destination" for HKC green recycling.

Deals concluded: The FPSO FERAN VAZ (41,716 LDT), Gabon-origin was committed at 260/LT LDT. The deal also included a 4,000 CMB of cargo residues on board and KUMUL ARROW (10,998 LDT), a general cargo vessel was closed at USD 560/LT LDT for class NK certified HKC recycling.

On the domestic front, the Indian Rupee (INR) stood at 82.11 against the dollar during the first half of the trading session on 9 May, depreciating slightly compared to INR 81.76 last week.

The total tonnage at Alang Port last week was 10,278 LDT.

Bangladesh less active w-o-w

Trade activity had been low in Bangladesh last week, with end buyers attempting to secure units at lower levels. Though, some Bangladeshi buyers have obtained approval for Class NK HKC certification, India has continued to secure the majority of the recent tonnage for yet another week.

The Bangladeshi Taka depreciated to BDT 107.84 at the time of reporting as compared to BDT 106.05, last week.

The total tonnage reported last week at Chattogram Port was 48,883 LDT.

Pakistan remains completely inactive

Pakistan remains uncompetitive with its sub-continent counterparts and has been inactive for yet another week. The nation's continuous financial and political crises have had a crushing impact. Over the past few weeks, local steel plate prices have stayed unchanged, and there are currently no signs of improvement.

The Pakistani currency depreciated slightly to PKR 284.32 during morning trade today compared to PKR 283.73, last week.

The total tonnage reported at Gadani Port last week was nil.

Prices in $/LDT

Source: SteelMint Research