Ship Recycling: South Asian Countries continue to see limited movement and cautious sentiment: BEST OASIS
The ship recycling markets across India, Bangladesh, Pakistan, and Türkiye continue to see limited movement and cautious sentiment. In India, buying interest has slightly improved due to potential import duty tariffs on steel, but uncertainty keeps larger deals on hold. In Bangladesh, demand remains steady, though Eid preparations have slowed activity. The publication of the Merchant Shipping Bill in the Hong Kong Government Gazette marks progress in aligning with international recycling standards. In Pakistan, market conditions remain quiet as Ramadan nears its end, while discussions with the IMF on a 1 billion USD tranche and a climate-related loan progress, though their market impact remains uncertain. In Türkiye, the market remains unchanged, with recyclers cautious amid economic and political concerns. Overall, activity remains subdued, with external factors likely to influence future momentum.
The global steel dispute has intensified with the European Union delaying its planned retaliatory tariffs on U.S. goods to mid-April, following the U.S. reinstatement of a 25% steel import tariff aimed at protecting domestic producers. The EU’s move allows time for further negotiations and to assess potential U.S. actions. While this offers temporary relief, uncertainty lingers for steel-exporting nations and related industries. The situation may stem from growing concerns over global overcapacity and trade imbalances and might signal a shift toward more protectionist trade dynamics. If tensions escalate, this could lead to further trade restrictions, affecting global steel prices, supply chains, and industrial sectors dependent on stable steel flows. Conversely, diplomatic resolutions could ease volatility, but a long-term trend toward localized production and tighter trade controls may reshape the global steel market.
Exchange Rates:
USD / INR USD / BDT USD / PKR USD / TRY
This Week : 86.00 Previous Week : 86.92 Gained : 0.92
This Week : 121.47 Previous Week : 121.55 Gained : 0.08
This Week : 280.13 Previous Week : 280.11 Lost : 0.02
This Week : 38.01 Previous Week : 36.64 Lost : 1.37
Best Oasis Limited Weekly Ship Recycling Report 02
Alang, India
The market sees slight activity amid safeguard duty considerations; cautious buying continues.
The market has seen a slight pickup in activity after a long period of stagnation, primarily due to the potential imposition of import duty tariffs on certain steel imports. While this has led to some buying interest, it remains limited to mid-sized vessels, with buyers avoiding larger vessels at this stage.
The Directorate General of Trade Remedies (DGTR) has proposed a 12% safeguard duty on non-alloy and alloy steel flat product imports to protect domestic manufacturers from excessive imports. The investigation, initiated in December 2024 following a petition from the Indian Steel Association, found that rising imports have eroded market share, reduced profitability, and led to underutilized production capacity. While this has spurred some buying activity, overall sentiment remains cautious as buyers await policy clarity.
Beaching Dates 27 March to 31 March 01 April to 05 April
Bangladesh
Price for Recycling Ships in Bangladesh The market remains steady amid the holiday slowdown; ship recycling regulations moving forward.
The market remains largely unchanged from last week, with steady demand for vessels in the 8,000 to 12,000 LDT range. There hasn’t been any real movement or update in the local market.
With Eid celebrations underway, buyer sentiment has softened, and the overall market activity remains subdued.
As part of aligning with the Hong Kong Convention, the Merchant Shipping (Safe and Environmentally Sound Recycling of Ships) Bill is set to be published in the Hong Kong Government Gazette on March 21, marking a step forward in formalising the convention into local legislation.
Beaching Dates 29 March to 01 April 12 April to 15 April
Pakistan
The price for Recycling Ships in the Pakistan Market remains unchanged with minimal activity as Ramadan enters its final days.
The market remains the same as last week, with minimal activity and a quiet sentiment as the final days of Ramadan approaches. Buyers continue to stay on the sidelines, leading to a lack of significant movement.
The International Monetary Fund and the Pakistani government have made progress toward releasing the next 1 billion USD tranche under the existing program. Additionally, discussions are underway for a new climate-related loan, which could support broader economic stability, though its immediate impact on the market remains uncertain.
Beaching Dates Throughout the month
Türkiye
Price for Recycling Ships in Türkiye: The market remains steady for now, but political turmoil and economic uncertainty cast a shadow.
Local and import markets have shown no significant changes, but market participants remain cautious due to ongoing political and economic uncertainties.
Türkiye’s central bank has raised its overnight lending rate to tighten liquidity and reassure markets. The move is part of efforts to stabilize the economy amid growing financial instability. However, this measure has so far failed to calm market volatility. The Turkish Lira is experiencing its sharpest weekly decline in nearly two years, driven by recent political developments. The currency has weakened further, marking its worst performance since mid-2023.
Beaching Dates Throughout the month
