In this Week 42 edition of the GMS Weekly Podcast, we review a challenging period for the global ship-recycling market. The week was marked by stronger freight activity, lower oil prices, and continued pressure on sub-continent steel fundamentals across India, Bangladesh, Pakistan, and Turkey.

Global Market Overview
Freight markets strengthened slightly as the Baltic Dry Index gained just over 1%, supported by Capesize, Panamax, and other dry-cargo segments. Oil prices extended their monthly decline to finish near USD 57.38 per barrel, about 8% lower than a month earlier and 18% lower year on year.
Currencies remained under strain across the sub-continent. The Indian rupee traded close to Rs 88.02 per US dollar, the Pakistani rupee slipped to PKR 283.6, the Bangladeshi taka settled near BDT 122, and the Turkish lira moved around TRY 42.
Steel plate prices continued to soften regionally, with India near USD 389 per ton, Pakistan around USD 614, and Bangladesh steady near USD 519.

Bangladesh
The Chattogram recycling market showed brief signs of recovery before slowing again. Local recyclers paused fresh purchases despite steel plate prices holding near USD 519 per ton and the taka weakening to BDT 122 per US dollar. Yard inventories increased while buyers awaited political clarity ahead of the upcoming election cycle.

India
Alang activity remained slow as steel plate prices dropped to about USD 389 per ton and the rupee traded around Rs 88 per US dollar. More than 120,000 LDT of incoming tonnage was recorded, yet most buyers stayed on the sidelines ahead of Diwali. Sentiment across the market remained cautious despite the arrival of several previously committed units.

Pakistan
Domestic recyclers faced another difficult week. Inflation pressures and competition from cheaper Iranian steel pushed local prices down to USD 614 per ton. The Pakistani rupee depreciated to PKR 283.6 per US dollar. No yards have yet secured Hong Kong Convention accreditation, limiting fresh purchasing interest as buyers adopted a wait-and-watch approach.

Turkey
Turkey’s market stayed weak, with the lira closing close to TRY 42 per US dollar. Local recyclers kept offers stable but volumes remained thin and sentiment subdued as the year-end approaches.

Weekly Market Sentiment
Volatility, political uncertainty, and fluctuating currencies continue to shape the global ship-recycling landscape. India remains the key volume player but faces pricing pressure, Bangladesh is cautiously reawakening, Pakistan grapples with inflation and compliance challenges, and Turkey continues to experience slow trade.

For full regional data, vessel rankings, and steel price trends, download the complete GMS Weekly Report Week 42 “Certainly Uncertain” on the GMS mobile app and GMS Website

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