Imported ship breaking offers fall in Bangladesh, India and Pakistan
Ship breaking prices in Asian markets have declined over the last week - particularly in Bangladesh, where offers fell by $20/LT w-o-w.
In Chittagong, the aggressive buying of the previous weeks has disappeared. Most end buyers preferred to wait-and-watch market developments. The same trends were visible in Gadani and Alang markets. Offers declined over limited demand for large LDT units.
Chittagong ship breaking prices fell this week and remained as a no-sale week for the Bangladeshi scrapped ships. Cash buyers were holding on to their high-priced inventory hoping for offers to bounce back to somewhere near previous levels.
- The total tonnage reported last week in the Chittagong port was at 190,726 LDT.
- Two Bulk Carriers were beached at the port namely: Crown Victory (8,572 LDT) & Lila Busan (18,163 LDT).
- A General Cargo also arrived in the port - Dalian (12,723 LDT).
SteelMint's weekly price assessment showed a decline in imported ship breaking offers. The offers fell by $10/LT on a weekly basis. As domestic steel prices have come off by about $25/t over the course of the week.
As of now Indian buyers are thinking twice to secure fresh vessels. No major deals were reported this week. However, Alang market is still the best recycling destination as fundamentals are expected to remain steady, while the Indian Rupee continues to trade firmly at INR 73 against the U.S. Dollar.
- The total tonnage reported in the Alang port last week was 119,550 LDT.
- Two passenger vessels beached at the port namely- Grand (21,599 LDT) & Marco Polo (14,561 LDT).
- Two oil tankers also arrived in the port- ULF (3,552 LDT) & Alahan (2,140 LDT).
This week also Gadani was left empty handed and was unable to secure any new units. The offers fell by $10/LT on a weekly basis
- Total tonnage reported in the Gadani port last week was at 39,803 LDT.
- A tanker beached at the port namely Euro Destiny (39,803 LDT).
Prices in $/LT
Source- SteelMint Research