This Week 36 edition of the GMS Weekly Podcast reviews the latest developments in the global ship recycling market, with updates from Bangladesh, India, Pakistan, and Turkey. This week’s theme is Treading Water & Testing Nerves, as currency shocks, steel price volatility, and muted supply continued to shape sentiment across the sub-continent.
Global Market Overview:
The Baltic Dry Index closed at 1,979, up 0.8%, but overall freight fell by 2.3%.
WTI crude slipped further, settling at USD 61.9 per barrel, marking a third straight weekly loss.
Currencies were volatile: the Indian Rupee hit record lows in the 88s, the Pakistani Rupee was steady at PKR 283.52, the Bangladeshi Taka slipped slightly, and the Turkish Lira weakened to TRY 41.25.
Steel plate prices diverged: India flat at USD 448.88/ton, Pakistan up to USD 625.44/ton, and Bangladesh tumbling to USD 519.59/ton.
Bangladesh:
Chattogram remained silent with no new arrivals for another week. Steel plate prices fell over USD 21, dropping to USD 519.59/ton, while operational yards declined sharply from 35 to just 21. With elections looming in early 2026, political and economic uncertainty continue to paralyze the market, leaving Bangladesh at the bottom of the sub-continent rankings.
India:
Alang faced double jeopardy as tariffs and sanctions hammered confidence and sent the rupee plunging into the 88s against the dollar. Steel plate prices held at USD 448.88/ton, offering no relief. Despite having over 100 HKC-approved yards, activity was muted, with only one small general cargo vessel arriving in recent weeks. Alang remains technically the busiest destination, but recyclers are in survival mode rather than expansion.
Pakistan:
Gadani held firm as the region’s most competitive market, with steel plate prices rising to USD 625.44/ton and the rupee steady at PKR 283.52. A USD 42 million government initiative was announced to develop 31 eco-compliant yards by 2026, underscoring Pakistan’s focus on sustainable ship recycling. Despite strong fundamentals, no new arrivals were reported this week.
Turkey:
Turkey showed little change, with both the lira and steel plate prices slipping further. The currency weakened to TRY 41.25 while plate prices stayed subdued, leaving the market unattractive compared to its sub-continent counterparts.
Weekly Beach Breakdown:
Bangladesh: silent, no arrivals
India: pressured by tariffs and rupee collapse
Pakistan: strong fundamentals, no tonnage
Turkey: weak with falling sentiment