Ship Recycling Market Gaining Strength In India

Overall, the market remains extremely tight, with strong buying interest and a near-dry supply of vessels continuing to support competition among buyers”.

The company’s report added that “the Pakistani ship recycling market has seen a decline in buying interest, with buyers no longer as keen as in previous weeks, partly due to some buyers having recently received vessels. The local market for ship plate and scrap has experienced a significant decline in offtake and prices, with scrap and wire rod prices falling by approximately USD 25–30 per ton in dollar terms. The main reason behind the recent weakness is the influx of goods from Iran, which is flooding the local market and putting downward pressure on prices. Recently, a damaged tanker reported to have been attacked in the Strait of Hormuz has also come into the ship recycling market, marking a notable development in the current market. Overall, buying interest has moderated, while weak local demand and increased supplies from Iran continue to weigh on prices and market sentiment. Finally, the Turkish ship recycling market has seen a decline of approximately USD 9 per ton in import prices over the past week. Despite the decline in import prices, the local market has remained stable so far, with no significant changes reported in local market conditions. Vessel prices have remained broadly unchanged, with no notable movement observed in the ship recycling market. Overall, the market remains largely steady in terms of vessel prices, although the recent decline in import prices reflects some downward pressure on the wider market”, Best Oasis concluded.

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