As the market continues to experience moderate trading activity in the subcontinent and Turkey during the holy month of Ramadan, the ship-breaking prices in South Asia remain constant for the second week, as Steel Mint reported.
Obtaining Central Bank approval for valuable assets in Bangladesh is still challenging due to liquidity difficulties. Compared to last week, trade activity on the Indian market was less active. Pakistan is not a popular location for recycling since owners and cash buyers are put off by L/C concerns.
India market quiet
The Indian market is still inactive, and no deal was finalised last week. In the near future, purchasers are projected to seek new tonnage.
On the domestic front, the INR was mostly constant compared to the INR 82.11 last week, trading at 82.08 against the USD during the first part of the trading day on April 11.
Total tonnage at Alang Port last week was 20,299 LDT.
Bangladesh: L/C delays continue
Because it takes so long to get the Central Bank’s approval to open new L/Cs, especially for the larger LDT units, many ships have suffered delays when docking at Chattogram, which has angered cash purchasers and owners.
The Bangladeshi Taka slightly declined from BDT 105.43 last week to BDT 106.14 at the time of publication.
Total tonnage reported last week at Chattogram Port was 133,784 LDT.
Pakistan market muted
Pakistan continued to avoid the market due to persistent L/C worries. Banks have less of a tendency to open L/Cs on any vessel that is available.
Comparing this morning’s transaction to last week, the Pakistani rupee was mostly unchanged at PKR 288.56.
Total tonnage reported at Gadani Port last week was 1,657 LDT.
Prices in $/LDT
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Source: Steel Mint