In this Week 44 edition of the GMS Weekly Podcast, titled “Halloween November?”, the global ship recycling markets closed October on a subdued and spooky note. Currencies weakened, steel plate prices slipped, and sentiment across India, Bangladesh, Pakistan, and Turkey continued to struggle under persistent supply and policy pressure.

Global Market Overview
October ended with more tricks than treats. The Baltic Dry Index declined 1.3% week-on-week and nearly 8% for the month, marking its first monthly fall since April. Oil eased close to 1% to around USD 60.67 per barrel as OPEC+ announced further supply cuts for early 2026. A temporary U.S.–China trade truce helped stabilize freight sentiment, but volatility, sanctions, and tariffs kept global markets cautious.

The recycling sector remained quiet with limited vessel supply, sporadic LNG and bulker sales, and rising uncertainty from sanctioned tonnage distorting market pricing.

Bangladesh
Activity in Chattogram flickered but failed to gain traction. A few end buyers pursued prompt units to keep yards active, yet local steel prices fell USD 3 to USD 529.50 per ton. The taka weakened to BDT 122.37 per USD. However, HKC progress remains encouraging with 21 certified yards expected by year-end.

India
Alang experienced another slow week as the rupee fell 1.25% to INR 88.70 per USD. Steel plate prices remained flat while cheap sanctioned tonnage undercut genuine offers, deepening confusion in local bidding. Inflation eased to 1.54%, providing potential room for cheaper credit if buyer confidence recovers.

Pakistan
The Gadani market faced renewed pressure from an influx of low-priced Iranian steel. Local plate levels remain more than USD 230 higher than India’s, yet demand stayed muted as recyclers awaited clarity on HKC compliance. The PKR closed at 283.17 per USD, extending currency strain.

Turkey
Aliaga continued to struggle with a shortage of supply. Although recyclers lifted offers slightly, fundamentals remain weak as the lira fell to TRY 42.06 per USD and inflation exceeded 33%. Market stability will depend on government support and improved vessel inflow.

Weekly Market Sentiment
As November begins, ship recycling markets remain haunted by soft demand, regulatory uncertainty, and a lack of tonnage. While HKC developments and selective buying offer pockets of hope, 2025’s final quarter continues to test resilience across all recycling destinations.
 

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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