Vessel prices remained firm in the subcontinental markets with both sellers and buyers holding back deals. Ship plates prices are bullish amid a scarcity of tonnage, while iron ore prices declined further last week.
Steel prices are expected to remain firm in the near term as China has recently announced that they will no longer export steel to the sub-continental markets.
Demand from the end-users in India remained firm and yards are preferring to procure small tonnages as larger vessels require heavy risk appetite and higher bank limits.
Shipbreaking scrap prices were largely flat this week as demand remained low and supply of scrap remained tight.
The daily Davis Index for HMS attachment and Melting settled flat to Rs36,700/mt and Rs35,700/mt ex-Alang respectively on Friday as compared to the previous Friday. Offers for container vessels were heard at $580/ldt last week.
Major steel mills in Pakistan have revised their steel price last week due to a shortage of raw material. Ship plate prices are expected to remain high as local demand is ramping up.
A bulk carrier named AMAL I with 7,301ldt has been sold at $585/ldt.
Bangladeshi buyers are on a wait-and-watch mode as they are not yet clear about the price direction. Imported scrap offers to Bangladesh are firm amid a shortage of containers, which is delaying the deliveries.
The monsoon season is approaching its end and construction projects are expected to pick up in the coming days.
Current Offers for the scrapped containers are at $610/ldt
Turkish imported ferrous scrap prices remained firm last week backed with stable domestic market. No new vessels have arrived in Aliaga last week.