This Week 38 edition of the GMS Weekly Podcast reviews key developments in the global ship-recycling market with fresh updates from India, Bangladesh, Pakistan, and Turkey.
This week’s theme: September Serene?
Global Market Overview
Freight status: The Baltic Dry Index held steady. Capesize gained about 1 percent while Panamax and Supramax declined nearly 2 percent and 3 percent respectively.
Oil prices: WTI crude closed at USD 62.74 per barrel, up only 0.17 percent on the week but still 1.4 percent lower month-to-date and 10.8 percent lower year-on-year.
Currency moves: Indian rupee strengthened to INR 88.09, Pakistani rupee to PKR 283.44, Bangladeshi taka eased to BDT 121.74, and Turkish lira slipped to TRY 41.41.
Steel plate prices: Stayed steady across major recycling hubs — India USD 448/T, Pakistan USD 619/T, Bangladesh USD 519/T.
Bangladesh
Conditions remain sporadic. Chattogram buyers focused on larger LDT and LNG units as small ships drew little attention. Only one decent LDT tanker arrived. The taka eased to BDT 121.74 and steel plate prices held at USD 519/T. With elections due in February 2026 and weak infrastructure spending, most recyclers remain cautious.
India
Alang stayed the sub-continent’s busiest yard with about 84 K LDT of arrivals, including several OFAC-listed or sanctioned vessels that other markets rejected. A Prime Minister Modi visit to Bhavnagar caused partial shutdowns, but demand held firm. The rupee strengthened to INR 88.09 and steel plate prices remained flat at USD 448/T. LNG recycling continues to be a bright spot for Indian yards.
Pakistan
Gadani recorded a third consecutive week of no arrivals. Ongoing DASR certification challenges and a ban on LNG imports continue to slow activity. Yet fundamentals remain strong: PKR 283.44 and steel plate prices near an industry high of USD 619/T. Progress on Hong Kong Convention (HKC) yard upgrades could allow Pakistan to rebound later in 2025.
Turkey
Turkey’s market remained subdued with no reported sales. The lira fell to TRY 41.41, import steel prices dropped for a second week, and recycling activity stayed minimal.
Weekly Beach Breakdown
Freight activity steadied while steel prices held firm. India led with significant LNG arrivals and sanctioned imports. Bangladesh stayed selective, Pakistan awaited HKC certification progress, and Turkey continued to slide.
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