South Asia: Ship breaking import prices stable w-o-w amidst mixed sentiments

Ship-breaking import prices in key recycling markets - Bangladesh, India and Pakistan - remained stable, w-o-w.

The high volatility in prices amidst the ongoing war has put a pressure on end buyers, refraining them from taking positions. Despite elevated price levels, buyers placed competitive bids owing to the shortage of units in the global ship recycling market.

Indian buyers remain cautious

The end-buyers remained cautious as the volatility in steel prices made them rethink whether to buy at the prevailing prices or wait to see how prices play in the near term.

Deals

Total tonnage at Alang Port last week amounted to 102,711 light displacement tonnage (LDT), up by 107% w-o-w.

Bangladesh buyers waits for price clarity

The buying sentiments were weak last week in comparison to the neighbouring recycling destinations, Pakistan and India. Bangladesh buyers were in a wait-and-watch mode for a clear price direction. Although Bangladeshi recyclers still led the price chart, buying enquiries reduced slightly.

Deals

Total tonnage at Chattogram Port was 147,115 LDT last week, up by 65% w-o-w.

Pakistan buyers absent

Pakistani buyers seemed to be reluctant in booking tonnage considering the ongoing volatility in steel prices.

No deals

Total tonnage at Gadani Port last week was nil.

Prices in $/LDT
Source- SteelMint Research

Outlook

During these unprecedented times, it has become difficult for buyers to make substantial buying decisions due to the fear of unforeseen changes as the market is highly volatile.