Ship Recycling Activity Drops

The global ship recycling sector witnessed some interesting activity last week as local steel plate prices continued to climb in India, fall in China and flatline in Bangladesh and Pakistan, reports cash buyer GMS.

Recycling activity has been picking up in sub-continent markets over the last few weeks as the number of deliveries greatly improved of late, but this week has seen the various waterfronts take a beating with no fresh arrivals in Bangladesh, while India and Pakistan snared just one each.

“Even Bangladeshi prices that climbed briefly following on a dearth of tonnage, seem to have settled as there is no tonnage to bid on, and Indian and Pakistani recyclers remain cautious and tentative in their offerings on fresh tonnage in light of the recent U.S. sanctions saga,” says GMS. This is while simultaneously observing markets to see what the overall impact on prices and potential renewed dumping of cheap Chinese steel into the sub-continent could spell for their purchases, before presenting fresh offers on tonnage at numbers that could conceivably be far lower in a post tariff world.

“With minimum activity taking place in Bangladesh, Pakistan, and Turkey thanks to Eid celebrations and holidays that have kept most