Ship Recycling Prices improving in India

NEW DELHI: The ship recycling market in India has shown some strength in these early days of the year. In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships, said that “the India market came up further this week, with local prices improving on a day-today basis. The rise was mainly driven by the expectation of government measures on steel imports.

Recent reports indicate India has introduced a three-year safeguard/import duty on selected steel imports, starting at around 12% and reducing thereafter, which has supported domestic steel pricing. On the vessel side, availability remained limited due to the year-end situation. In the last few days, however, there has been no major change, with levels largely holding steady”.

Meanwhile, in Bangladesh, Best Oasis noted that “the market remained stagnant this week, with no upward movement recorded. The geopolitical backdrop continues to keep the market flat, and no meaningful improvement is expected unless there is a major change in the broader situation. Market sentiment remains cautious, with expectations that conditions may become more stable and supportive after the February elections. Similarly, Pakistan continued to look for tonnage, with the market showing a slightly improved tone compared to last week. Sentiment was supported by firmer international indications, as re-rolling and shredded prices moved slightly higher, providing some upside support locally. Overall, the change remains limited, and the market continues to depend on international direction for any stronger movement”, Best Oasis said.

Finally, “Türkiye remained quiet this week as the market moved through the New Year holiday period, resulting in limited reportable activity. Price levels and sentiment remained unchanged, continuing to mirror last week’s position”, the company’s report concluded.

Source: Hellenic Shipping News Worldwide