In this week’s ship recycling market podcast, Ingrid and Henning discuss the latest developments across the global demolition sector as February continues to bring mixed signals across currencies, steel fundamentals, and vessel supply.

The Baltic Dry Index declined by 0.6 percent, driven by weaker Capesize and Panamax performance, while Supramax rates improved. Oil prices stabilized near USD 62.8 per barrel as markets monitored renewed geopolitical concerns surrounding U.S. and Iran relations.

Across the Indian sub-continent, fundamentals shifted in different directions. The U.S. Dollar strengthened against most recycling nation currencies, with India being the exception as the Rupee improved to around INR 90.6. Indian steel plate prices reversed nearly USD 10 per ton, softening recent gains and adding further volatility to Alang sentiment.

Bangladesh recorded a major political development as the BNP secured a more than two-thirds majority in the general elections. The outcome is expected to support long-delayed infrastructure projects and potentially strengthen domestic steel demand. Bangladesh also adopted the International Ready for Recycling Certificate framework, aligning with evolving compliance standards under the Hong Kong Convention. Steel plate prices remained steady near USD 494 per ton, while the Taka weakened slightly.

Pakistan remained the strongest performing market for another week. Steel plate prices held near USD 594 per ton, maintaining a significant premium over neighboring destinations. The Pakistani Rupee remained stable near PKR 279.6, and anchorage activity increased to nearly 30,000 LDT across multiple bulk carriers. Ongoing HKC yard upgrades continue to support Gadani’s competitive position.

Turkey remained subdued, with limited new activity in Aliaga and the Lira weakening toward TRY 44.

With recycling candidate supply still constrained and Chinese New Year holidays limiting activity further, buyers across all destinations remain competitive for available units. This week’s discussion covers demolition pricing direction, steel and currency movements, port activity in Alang, Chattogram, and Gadani, and the broader compliance developments shaping the global ship recycling market in Q1 2026.

 

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