This Week 40 edition of the GMS Weekly Podcast reviews the latest developments in the global ship-recycling market as October begins with weaker currencies, softer oil prices, and uneven steel values across key recycling destinations: India, Bangladesh, Pakistan, and Turkey.

This week’s theme: Halloween Already?

Global Market Overview

• Global trading indices dropped about 16%, marking the sharpest weekly decline since January 2025.
• Oil eased to around USD 60 per barrel, nearly 20% lower than the same time last year.
• Currencies remained under pressure: the Indian rupee closed near 88.74, the Pakistani rupee around 283, and the Turkish lira near 41.7 to the U.S. dollar.

Bangladesh

Chattogram yards remained mostly inactive with very limited arrivals. Investments in HKC upgrades, higher financing costs, and limited tonnage continued to weigh on sentiment. Steel held steady near USD 520 per ton, and the taka hovered around BDT 121.70 as inflation concerns and political uncertainty persisted.

India

The Alang market faced another turbulent week. The rupee weakened to a record eighty-eight point seven-four against the U.S. dollar while domestic steel fell to about USD 402 per ton. One sale stood out: the Bow Cedar, an 11 000 LDT tanker from Odfjell, achieved USD 940 per LDT supported by stainless-steel content. Despite over a hundred HKC-approved yards, sentiment remains cautious amid falling fundamentals.

Pakistan

Gadani recyclers continue upgrading facilities toward HKC compliance. Prices remained the highest regionally at around USD 620 per ton, though large LDT arrivals were limited. The rupee closed near PKR 283 per U.S. dollar, and inflation rose to 5.4 percent, adding cost pressure as provisional DASR certifications supported limited buying activity.

Turkey

The Aliaga market stayed subdued. The lira depreciated further to TRY 41.70, and inflation edged up beyond thirty-three percent. Local recyclers continue to face higher borrowing costs and scarce tonnage, signaling a quiet start to the fourth quarter.

Weekly Beach Breakdown

Global ship-recycling sentiment turned softer entering October. Falling steel prices, weaker currencies, and slow vessel supply continue to limit activity across all major recycling locations while recyclers wait for improved fundamentals and stability in the months ahead.

 

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