South Asia: Indian ship-breaking market active, prices up w-o-w

The recycling market is finally seeing some upward movement in terms of prices. Demand remains active from all major subcontinental markets. However, India seems to be competing well against its counterparts and securing several deals.

Moreover, ship-breaking import prices in Bangladesh, India and Pakistan saw an uptick by $5/LDT to $15/LDT w-o-w.

India come-back

The Indian market has come roaring back into the picture and secured several deals. The Indian Rupee (INR) is currently trading at 74 to the dollar. Domestic steel prices also witnessed an upward movement last week, thus, indicating a positive momentum in the market.

Deals

• Total tonnage at Alang Port last week amounted to 32,696 LDT, down by 40% w-o-w.
  
  

Bangladesh fails to secure units

It has been a frustrating period in Bangladesh, as local recyclers witnessed vessels being sold into competing markets. India and Pakistan have both been securing their share of the tonnage.

Deals

• Total tonnage reported last week at Chattogram Port was 120,850 LDT, down by 32% w-o-w.
  
  

Pakistan inches up

The Pakistan market has been inching up since the start of this year and has secured its share of tonnage that would have been destined for Bangladesh.

Moreover, heavy rains and flooding in some regions have slightly disrupted steel market activities across the nation. However, offer prices from recyclers remained firm.

Deals

• Total tonnage at Gadani Port last week was reported at 69,925 LDT, up by 31% w-o-w.
  
  

What may happen?

Overall, market sentiments will likely be positive while demand too will remain firm.

Prices in $/LDT
Source- SteelMint Research