In this Week 43 edition of the GMS Weekly Podcast, we review another quiet and difficult period for the global ship recycling markets as currencies fluctuated, steel plate prices eased, and activity remained minimal across India, Bangladesh, Pakistan, and Turkey.

Global Market Overview
Markets across the shipping and recycling sectors slowed further this week. The Baltic Dry Index fell about 3.2%, reaching its lowest level since early October, while oil prices inched higher to USD 62.14 per barrel, up roughly 1%. Inflation in the United States climbed to 3%, and continuing sanctions and tariff disputes kept market sentiment cautious.

Prices across the Indian Sub-continent fell below USD 400 per LDT as recyclers faced ongoing scarcity of tonnage. Despite firm freight markets, supply to ship recycling yards stayed thin, leaving most yards underutilized.

Bangladesh
Chattogram showed some selective buying interest, with a few large LDT units changing hands. Key deals included LNG carriers PUTERI NILAM and PUTERI DELIMA sold en bloc on private terms, and the bulker MONICA P (7,779 LDT) sold at USD 380 per LT LDT “as is” Belawan. The Taka weakened to BDT 122.35, and local steel plate prices slipped another USD 3 per ton. Upcoming elections in February 2026 continue to weigh on confidence.

India
India remained subdued following the Diwali holidays. Steel plate prices were unchanged at around USD 389 per ton, while the rupee closed at INR 87.54 per USD. More than 100 HKC-certified yards remain idle as prices for clean tonnage continue to decline below USD 400 per LDT. The growing presence of shadow-fleet vessels continues to divide the market and suppress genuine offers.

Pakistan
After brief improvement, Gadani slowed again as an influx of cheaper Iranian scrap steel pressured domestic plate prices, now near USD 614 per ton. The Pakistani rupee depreciated to PKR 283.50 per USD. Buyers remain focused on larger dry units while avoiding smaller ships due to certification delays and higher import costs.

Turkey
Turkey’s recycling market stayed muted, with the Lira slipping to TRY 42.08 per USD and steel prices mostly flat. Offers remain within USD 250–270 per LDT, reflecting cautious sentiment and limited activity.

Weekly Market Sentiment
As October draws to a close, freight rates remain firm and oil prices marginally higher, but the ship recycling market continues to face record-low supply, subdued demand, and persistent pricing pressure across the Sub-continent.

 

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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