South Asia: Imported ship-breaking prices stable amid shortage of tonnage
In the ship recycling industry, even though the major recycling destinations are facing issues such as fluctuating currency exchange rates, restrictions on Letters of Cre...
In the ship recycling industry, even though the major recycling destinations are facing issues such as fluctuating currency exchange rates, restrictions on Letters of Credit issuance, offer prices remained stable week-on-week due to the shortage of tonnage available for recycling. Among the subcontinent players, Bangladesh is leading the price board, closely followed by India and Pakistan.
Bangladesh lacking in sales
The domestic finished steel market has started showing signs of recovery which is encouraging the buyers to bid competitively for the available tonnage in the market but still lacking in sales. Moreover, the issue of forex shortage still remains a major hindrance for the end buyers in securing tonnage.
Deals
Total tonnage reported last week at Chattogram Port was 128,972 LDT.
Indian market turns slow ahead of festive holidays
The domestic steel market is going through a slow period ahead of the festive holidays, which has weakened buying activity and resulted in some inventory pile-up.
The Indian Rupee continues to fluctuate, as it jumps between 82.60 to 82.26 against the US dollar.
Deals
Total tonnage at Alang Port last week was 76,001 LDT.
Pakistan market remains quite
The recycling market in Gadani remained quiet last week as domestic steel prices have dropped due to a lack of demand amid floods and currency devaluation, followed by an increase in energy and input costs. Difficulties in opening Letters of Credit still remain a major concern as these are taking up to a month for most goods.
Deals
Total tonnage at Gadani Port last week was 23,470 LDT.
Prices in $/LDT
Source: SteelMint Research
