Ship Recycling: India Situtation Worsens, Prices Continue to Rise
Despite the escalating COVID-19 crisis unfolding across the sub-continent, ship recycling markets have remained remain firm.
India has been hardest hit by this second wave of COVID-19, and the country is now recording over 400,000 new daily cases and more than 4,000 deaths. Pakistan, Bangladesh and Turkey are also recording increasing cases. Bangladesh has extended its nationwide lockdown for another week, while the worst hit states in India are putting their own measures in place, in the absence of a government mandated nationwide lockdown.
Pakistan also tightened domestic restrictions this week and in Gadani, activities at ship recycling yards have been suspended for the time being, similar to the present situation in India where all yards have closed and oxygen supplies are being diverted to local hospitals, in order to assist with the dire situation that’s currently unfolding.
Notwithstanding, sales continue to take place into all markets and customs activities for the boarding and beaching of ships is still ongoing. With steel plate prices rampant across the industry, it is unsurprising to see local demand and offers being maintained for the time being.
On the Western end, the Turkish market has recorded a surprising jump this week, with levels firming by about USD 10/MT as steel plate prices firmed this week.
For week 19 of 2021, GMS demo rankings / pricing for the week are as below.
Source: G M S
