This Week 39 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 is Disconnect.
Global Market Overview
Freight status: Despite late-week weakness, the Baltic Dry Index posted a net 2.5% gain, led by Capesize strength of about 5.5%, while Panamax and Supramax slipped modestly.
Oil prices: WTI crude eased 1% to around USD 65 per barrel as Iraq’s Kurdistan region resumed crude exports after 2.5 years, adding up to 230 K barrels per day.
Currency moves: Indian rupee slid to INR 88.62, Bangladesh taka weakened to BDT 122.04, and Turkish lira dropped to TRY 41.58, while Pakistani rupee firmed to PKR 282.50.
Steel plate prices: Largely flat across major recycling hubs except India, where prices fell USD 15 to USD 409.20 per ton, deepening local pressure.
Bangladesh
Activity stayed minimal. Recycled steel struggled to move, and larger LDT tonnage was diverted to competing markets. The taka closed at BDT 122.04. Although 18 yards are now Hong Kong Convention (HKC) compliant and a few more approvals are expected in October, the overall market sentiment remains subdued.
India
Alang endured a turbulent week. The rupee weakened to INR 88.62, briefly testing INR 89, and steel plate prices slumped to USD 409.20 per ton. A few speculative deals, most notably the 4,810 LDT container Niigata Trader at USD 480 per LT LDT with 120 tons of bunkers, stood out against weaker fundamentals. Persistent U.S. tariffs and sanctions are adding further uncertainty as some tonnage diverts to Pakistan.
Pakistan
Gadani turned active, bagging bulkers after weeks of near standstill. Sales included the Rising Harrier at USD 445 per LT LDT and Puteri Kirana at USD 390 per LT LDT on an “as is” Surabaya basis. Strong local steel prices and a PKR strengthening to 282.50 underline Pakistan’s bright spot status even as yards work toward full HKC compliance.
Turkey
Turkey remained quiet. The lira fell to TRY 41.58, and local steel prices edged down slightly, leaving sentiment weak and recycling activity minimal.
Weekly Beach Breakdown
Global ship-recycling markets remain disconnected. Stronger dry-bulk freight contrasts with weaker oil prices, sliding Indian steel, and currency volatility. Bangladesh remains cautious, India struggles with fundamentals, Pakistan seizes market share, and Turkey stays soft.
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