South Asia: Ship-breaking import prices in India fall $5/LDT w-o-w, trading subdued

Ship-breaking import prices in India fell by $5/light displacement tonnage (LDT) while prices in Bangladesh and Pakistan remained unchanged, w-o-w.

Buying interest from India slowed down with end buyers waiting for the market to stabilise before making any purchases. Currently, Indian buyers are standing far behind their counterparts from Bangladesh and Pakistan in terms of offer prices.

India vessels under investigation

India remained the least active of all the sub-continental markets last week. According to sources, one liquefied petroleum gas (LPG) vessel Harriet arrived at the port, was arrested by the Directorate of Revenue Intelligence (DRI) for being illicitly traded, while a number of vessels are under investigation.

• A tanker, Raj of 13,828 LDT, was beached at Alang Port.
  
  
• A fishing vessel, Star SKN 151 of 4,116 LDT, was also beached.
  
  
• Total tonnage at Alang Port last week amounted to 105,880 LDT, up by 7% w-o-w.
  
  

Prices in Bangladesh mostly stable

Bangladesh was the leading subcontinental market, in terms of prices. However, offer prices from the country remained stable w-o-w. Chattogram buyers were active in securing several tankers in the recent weeks.

• Two tankers, Etc Mena of 41,402 LDT, and SOS of 16,696 LDT, arrived at Chattogram Port.
  
  
• A general cargo, Ocean 68 of 2,369 LDT, also arrived.
  
  
• Total tonnage reported last week at Chattogram Port was 163,831 LDT, up by 78% w-o-w.
  
  

Pakistan resumes buying

Pakistan secured a few major tonnages over the recent weeks which kept prices mostly firm. Further, buyers are looking to secure any available units. Meanwhile, the Pakistan rupee has started stablising against the US dollar ($).

• A tanker, Leen of 1,905 LDT, was beached at the port.
  
  
• Total tonnage at Gadani Port last week was reported at 39,225 LDT, up by 146% w-o-w.
  
  

Outlook

It is more likely that trading activities across the sub-continent markets will slow down ahead of the New Year holidays.

Prices in $/LDT
Source- SteelMint Research