Recyclers in India increased their bids for the vessels this week amid improved local demand. But a shortage of tonnages continued keeping vessel prices firm in the subcontinental markets.
India:
China’s removal of tax rebates has increased export opportunities for Indian mills. Yards thus raised bids to compete with Pakistan and Bangladesh to secure vessels.
Shipbreaking scrap prices remained flat through last week, as protestors continued to strike, demanding increased freight rates. Container ship prices were at $580/ldt.
Bangladesh:
Despite the ongoing COVID-19 situation in Bangladesh, recyclers bid aggressively on small tonnages.
Mills in the country have stopped operations due to stringent lockdown measures which have been extended till Aug 5. Bangladesh continued to remain a top bidder with deals heard at $610/ldt.
Pakistan:
The government has imposed strict lockdown measures till Aug 8 as COVID-19 cases continue to rise. Only export-oriented industries have been allowed to operate. Container ship trades were heard at $590/ldt.
Turkey:
Domestic and imported scrap prices dropped this week. No new vessels arrived in Aliaga in the previous week. Container ship prices were flat at $300/ldt.