Market conditions in the subcontinental shipbreaking markets remained quiet amid sluggish demand for finished steel as well as weak global cues, according to a report by GMS. End-recyclers awaited steel prices to stabilise before concluding deals resulting in piled-up inventory.
Steel prices declined significantly creating panic among the buyers who were uncertain of the prices due to extreme volatility. They opted to wait for the prices and demand to correct before making any deals. Overall sentiment remained weak in the prior week. The shipbreakers, however, expect the steel prices to stabilize in the coming weeks.
Pakistani buyers seem to be back in action again and competing with Bangladeshi end buyers. They are actively enquiring for tonnage and await the prices to soften before making new purchases.
Despite a few weeks of significant declines, Bangladesh maintained its leading position in the recycling market. The price of imported scrap has decreased by $45/mt to $425-430/mt.
The local and imported steel prices in Turkey have softened by over $20/mt and $25/mt, respectively, in the prior week. The Turkish Lira improved and settled at TRY7.3 against the US dollar.