South Asia: Imported ship-breaking prices stable as buyers turn cautious

Ship recyclers from all the major locations are holding constant their offers despite the continuous volatility in steel prices. End-users are more likely to acquire smaller tonnages since their purchasing power has decreased due to growing inflation and the economic slowdown. Bangladesh is currently leading the price board among the major sub-continental players, followed closely by India and Pakistan.

Offers remain stable in India

While its nearby competitors continue to struggle with L/C restrictions, currency depreciations, and falling steel prices, India has been the only noticeable performer.

The Indian rupee suffered some losses on the local fundamentals front last week, and is currently trading at 79.6 against the US dollar (USD).

Deals

Total tonnage at Alang Port last week was 5,065 LDT.

Stable sentiments in Bangladesh

Despite stable demand in the local market, domestic steel prices have not yet experienced an upward trend. Therefore, end-buyers in Chattogram are making cautious bids. Given the scarcity of vessels in the recycling market, offer prices are expected to remain stable.

Deals

Total tonnage reported last week at Chattogram Port was 56,971 LDT.

Pakistan continues its downtrend

In Pakistan, the market is in chaos as a result of recent severe rains and flash floods. Due to transportation constraints, the domestic steel demand is uncertain at this time, making it difficult for recyclers to make firm offers.

Total tonnage at Gadani Port last week was nil.

Prices in $/LDT
Source: SteelMint Research