Indian ship recyclers are increasingly prepared to bid at levels that could result in substantial losses based on current prices as competition for a limited number of end-of-life vessels intensifies, according to
Indian ship recyclers are increasingly prepared to bid at levels that could result in substantial losses based on current prices as competition for a limited number of end-of-life vessels intensifies, according to Wirana Shipping, one of the world’s oldest and largest cash buyers of vessels for recycling.
Indian ship recycling offers have climbed by as much as USD 30/LT LDT in three weeks as competition for limited vessel supply intensifies, Wirana Shipping has reported in its latest weekly market report. Prices offered by Indian recyclers have increased by approximately USD 30/LT LDT over the past three weeks, supported by an improving domestic steel market but increasingly driven by the shortage of vessels available for recycling.
Wirana says recent bids from high-standard recycling facilities demonstrate how the prolonged lack of tonnage is beginning to distort normal pricing dynamics.
India’s local steel market has continued to strengthen, with steel plate prices rising USD 13/MT during the latest week, marking seven consecutive weeks of increases. Local scrap prices rose USD 10/MT, imported scrap increased USD 18/MT, while semi-finished and finished steel products climbed by approximately USD 15–25/MT.
However, Wirana says the strength of the underlying steel market alone does not account for
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