Ship Breaking Prices and Other Scrap Metal News

 

Ship break and Scrap Metal Prices News Summary

Sentiments have softened across sub-continent markets once again this week, as Buyers appear increasingly reluctant to commit on fresh tonnage whilst fundamentals remain so shaky – especially as the markets have witnessed across the last couple of weeks, where currencies and steel plate prices took turns in tumbling.

 

Bangladesh has suffered a currency calamity of its own, coupled with declining steel plate prices and increased limits on establishing fresh L/Cs due to a dire shortage of U.S. Dollars in the country, most Chattogram Buyers are holding back or simply unable / unwilling to offer at all on any of the freshly proposed units.

 

India has lost about USD 80/LDT on steel prices over the last several weeks and despite gaining a marginal USD 5/Ton this week, remains under pressure as the lowest placed of all sub-continent markets once again. The Indian Rupee has also crossed the psychologically worrying Rs. 80 mark, leaving Alang Buyers as worriedly cautious as their competitors.

 

Finally, the Turkish market remains depressed and unchanged for yet another week.

 

The supply of tonnage in the sub-continent had started to marginally improve but remains relatively strained as all freight sectors continue to perform, leaving demo markets starved of vessels once again. Prices therefore remain stranded below USD 600/LDT for another week with little chance of crossing that psychological barrier any time soon. The tendency indeed seems to suggest that levels will cool off again (perhaps down to the low USD 550s/LDT) in worrying signs for the recycling markets once again.

 

For week 39 of 2022, GMS demo rankings / pricing for the week are as below.

 

 

Demo Rank	Location	Sentiment	Dry Bulk USD / LDT	Tankers USD / LDT	Containers USD / LDT
1	Bangladesh	Weak	570 / LDT*	580 / LDT*	590 / LDT*
2	Pakistan	Weak	560 / LDT	570 / LDT	580 / LDT
3	India	Weak	550 / LDT	560 / LDT	570 / LDT
4	Turkey	Weak	240 / LDT	250 / LDT	260 / LDT

 

 

   *Small LDT

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