South Asia: Imported ship-breaking prices edge down in India

After two straight weeks of stable rates due to a deal being finalized for India, imported ship-breaking prices in South Asia have experienced some adjustments. However, a lot of potential buyers have enquired about available units in Pakistan. The central bank of Bangladesh has refused to issue additional L/Cs for the purchase of recycling units, and the country has been dormant for another week with little to report in terms of activity.

Deal concluded for India

Significantly, India became the most active market for yet another week with a small LDT container committed this week, the VENUS C (4,394 LDT), which fetched a decent $525/LT LDT of Singapore origin with 150 t of bunkers included in the sale with no extra cost to buyers.

However, fundamentals still remain unsteady, and the rupee is fluctuating in the mid-INR 82 range against the USD.

Deals

The total tonnage at Alang Port last week was 23,574 LDT.

Bangladesh remains silent

Bangladesh is still not participating in the market since the majority of purchasers are unable to secure funding from the central bank to create new LCs. The lack of US currency in the nation is another cause for concern.

Local recyclers are unable to compete or even finish deliveries while the BDT/USD exchange rate hovers around 104.

Deals

The total tonnage reported last week at Chattogram Port was 48,049 LDT.

Enquiries increase in Pakistan

With several buyers enquiring about available units, the Pakistani market has finally seen its first positive week in a while. However, the currency continues to progressively depreciate this week almost passing PKR 225 in comparison to the US dollar.

The total tonnage at Gadani Port last week was nil.

Prices in $/LDT
Source: SteelMint Research