In this Week 45 edition of the GMS Weekly Podcast, titled “Trading Day? Some Other Day.”, global ship recycling markets show little movement as inflation rises, steel plate prices slide, and currencies across South Asia lose further ground.

From Bangladesh and India to Pakistan and Turkey, the mood remains cautious as recyclers face weaker demand, tighter credit, and a prolonged shortage of vessels for demolition.

Global Market Overview
November opened on a sluggish note. The Baltic Dry Index climbed about 7% for the week, led by a 3.1% gain in Capes and moderate rises across Panamax and smaller segments. Oil prices slipped again to just above USD 60 per barrel as U.S. sanctions, Russian supply pressure, and falling global demand continued to weigh on sentiment. Inflation rose in Pakistan, stabilized slightly in Bangladesh and Turkey, while India awaits updated data.

Bangladesh
Chattogram again saw no workable tonnage, with buyers offering above-market rates merely to keep yards and L/C limits active. The Taka depreciated to BDT 121.93 per USD, and local steel plate prices collapsed, ending the week with no recorded trading. Inflation held near 8.17%, and ongoing political uncertainty adds to market fatigue heading into 2026.

India
Despite declining prices, Alang remains the most active recycling hub. Steel plate prices fell to USD 388.95 per ton, and the INR weakened to 88.67 per USD, yet two mini-VLCCs arrived this week. India continues to attract tonnage through its HKC-compliant facilities, reinforcing its position as the region’s most reliable destination.

Pakistan
Gadani’s market remains under strain as offers slipped below USD 400 per LDT, hurt by cheap Iranian steel imports. Local steel held at USD 614 per ton, while the PKR closed at 282.5 per USD and inflation surged to 6.2%. Still no HKC-approved yards, leaving buyers cautious and activity muted.

Turkey
Aliaga remains largely idle despite slightly higher price levels. The Lira weakened further to TRY 42.23 per USD, and with few vessel arrivals, recyclers continue to operate well below capacity.

Market Sentiment
Across the board, soft steel fundamentals, rising inflation, and vanishing vessel supply continue to limit trading prospects. As the year closes, recyclers remain hopeful for a rebound in 2026 – but for now, the market’s long-awaited “Trading Day” is still on hold.
 

For full regional data, vessel rankings, and steel price trends, download the complete GMS Weekly Report on the GMS mobile app and GMS Website

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