Global ship recycling markets are closing 2024 on a firmer note despite a year of minimal activity and significant price drops. According to cash buyer GMS, subcontinent ship recycling prices have fallen by nearly USD 150/LDT, impacted by market challenges, reports marine link.
In Pakistan and India, cheaper Chinese steel continues to outcompete recycled steel, affecting demand in their recycling yards. Meanwhile, Bangladesh faces heightened political instability after former Prime Minister Sheikh Hasina fled the country, further disrupting its market.
Funding
Pakistan is also grappling with IMF funding negotiations amid allegations of fund mismanagement. Buyers in Gadani remain inactive, with little likelihood of business due to stronger competition from India. Overall, the subcontinent’s ship recycling markets are navigating an uncertain and volatile conclusion to 2024.
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Source: Marine link
