India Steers Ahead as South Asian Ship Recycling Holds Steady: BEST OASIS
Ship recycling markets across South Asia and Türkiye showed steady trends this week, with India continuing to lead regional activity. Buyer sentiment in India remains positive, supported by stronger appetite and proactive purchasing, which is expected to keep the country ahead in securing available tonnage. Bangladesh stayed relatively quiet, with limited demand due to LC challenges and falling scrap prices impacting overall interest. Pakistan also saw muted activity, as operational yard constraints and stable prices kept market movement restricted. In Türkiye, sentiment remained subdued amid holiday conditions, though a gradual pickup in buyer interest is emerging with more tonnage reportedly being fixed. On the global front, scrap supply continues to remain tight, leading to shortages across major recycling destinations. With limited availability, prices are expected to face upward pressure in the coming weeks, supporting stronger sentiment across all regions.
Global crude steel production slipped by 1.3% year-on-year in July, totaling 150.1 million tonnes, according to the World Steel Association. The decline was mainly led by a 4% drop in China’s output, reflecting softer demand and cautious production strategies in the world’s largest steel market. The slowdown highlights ongoing challenges for the global steel industry amid weaker construction activity and muted industrial demand.
Exchange Rates:
USD / INR USD / BDT USD / PKR USD / TRY
This Week : 87.42 Previous Week : 87.47 Gain : 0.05
This Week : 121.76 Previous Week : 121.47 Loss : 0.29
This Week : 283.21 Previous Week : 283.43 Gained : 0.22
This Week : 41.01 Previous Week : 40.89 Lost : 0.12
India
Market remains steady with buyers showing stronger interest in vessel acquisitions.
The local market continues to remain range-bound, reflecting stability compared to last week. However, there are early signs of increased buyer activity.
Buyers are displaying a stronger appetite for acquiring vessels, even at price levels that may not appear commercially viable, indicating a positive underlying sentiment.
With this sustained demand and proactive buying behaviour, India is expected to remain ahead of other subcontinental markets in the coming months, taking up a significant share of available vessels and strengthening its position as a key destination for tonnage.
Beaching Dates
20 August to 27 August
05 September to 14 September
19 September to 27 September
Bangladesh
Market remains under pressure as falling scrap prices and LC challenges limit buying activity.
There is some demand for vessels in the 10,000–15,000 LDT range, but overall buying activity remains limited.
Persistent LC constraints and limited capacity due to HKC compliance continue to restrict buyer activity, with only a few taking advantage of upcoming vessel opportunities.
Scrap prices have seen a steep correction, dropping from highs of around BDT 60,000 per MT to nearly BDT 50,000 per MT. This decline is putting additional pressure on smaller vessels, which typically yield higher scrap volumes, making them less attractive in the current pricing environment.
Beaching Dates
22 August to 25 August
07 September to 10 September
20 September to 23 September
Market remains subdued amid limited yard capacity and weak buying activity.
The market continues to face constraints, as very few recycling yards are currently operational, which has limited overall buying activity.
Prices remain largely range-bound, with minimal movement and no significant shifts in market sentiment over the past week.
The IMF has asked Pakistan to ensure greater independence of the State Bank of Pakistan by removing the finance secretary from its board, limiting government influence over commercial bank inspections, and appointing two long-pending deputy governors. This move is expected to improve policy credibility and support financial stability.
Beaching Dates Throughout the month
Türkiye
The market remains stable, with prices holding firm and early signs of improving activity.
Following last week’s largely flat market trend, Türkiye continues to remain in a holiday mood, which has kept overall sentiment and activity relatively quiet. Prices are holding steady at current levels, but unlike previous weeks, there are increasing reports of more tonnage being fixed in the market.
This suggests that buyer interest may be gradually improving, even though the overall pace of activity is still slow. Despite these early signs of movement, a clearer market direction is expected to emerge only after the holiday period ends and regular trading activity resumes.
Beaching Dates Throughout the month
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