Scrapped ship prices in the Indian subcontinents continued their upward trend despite rising COVID-19 cases. Indian ship recyclers are happy as the prices of the ship plates have improved lately.
After the prices plunged around $150/ldt during the pandemic, all markets are now on the path to recovery. Steel scrap prices across the globe have started to increase as demand improved. Ship buyers are eager to book vessels at the current levels as they are expecting the prices to go up further.
There were reports this week of a Panamax container being sold in India at $360/ldt. Vessel prices in Alang surged by $20-25/ldt this week and overall markets looks stable as the workforce is returning to Alang.
Markets in Turkey also improved with some non-green recycling units this week, while buyers whose yards are not EU approved are bidding at $220/ldt on containers.
Markets in Bangladesh are struggling to compete with Pakistan and India. The units which are currently at the plots are not yet processed. Many flood affected areas will recover after September 2020 when the rain subsides. In forthcoming tides, many vessels may head to port Chattogram for recycling.
Shipbreaking scrap prices in Alang this week rose by Rs2,000-2,200/mt as demand from the local as well as mills from the North increased. Overall, steel plates’ prices managed to stay firm as Indian rupee dropped below Rs75 against US dollar. Recyclers are actively looking for tonnages preferably for green recycling purpose.
Pakistan remained the top buyer after being in the background for two years. Almost all the recyclers have vessels beached at their plots and only few yards are vacant.
For non-green recycling vessels, Pakistan continued to be the highest bidder in Asian subcontinent. On account of Eid holidays, no market sales were reported this week.
With India and Bangladesh starting to bid aggressively on non- green market units, we can see an improvement in buying once the available stock gets consumed.
Pakistan’s market is not known to be consistent for long and there is a probability that they’ll run out of steam soon.
Turkish markets have shown good signs of recovery this week as local recyclers having non-EU approved yards bidding $220/ldt, $5/mt above the usual price levels.
Steel plates’ prices and import of HMS has firmed even though the Turkish Lira has depreciated against US dollar amid rising COVID-19 cases.