Ship recycling prices strengthen in India amid firm steel market

Ship recycling prices in India have shown signs of improvement, supported by recent policy measures and steady domestic steel demand, even as vessel availability remains constrained.

According to market sources, India has implemented a three-year import duty on select steel products, beginning at approximately 12 per cent and set to taper in subsequent years. The move has helped stabilise and support domestic steel prices, providing a positive backdrop for recycling yards. On the supply side, vessel availability has remained limited due to the year-end slowdown, keeping pricing levels largely stable over the past few days.

In Bangladesh, market conditions remained subdued. Best Oasis reported that recycling activity showed no upward movement during the week, with geopolitical uncertainties continuing to weigh on sentiment. Participants remain cautious, with expectations that market conditions could improve only after the February elections, assuming broader stability returns.

The Pakistan market showed a marginally improved tone, as buyers actively searched for tonnage. Sentiment was underpinned by firmer international cues, with re-rolling and shredded steel prices edging higher, offering modest support to local pricing. Despite this, overall movement remained limited, with the market still heavily influenced by global price trends.

Meanwhile, Türkiye experienced a quiet week as activity slowed during the New Year holiday period. Best Oasis noted that both pricing and sentiment remained unchanged, broadly in line with conditions observed in the previous week.

Overall, global ship recycling markets continue to display cautious optimism, with India emerging as relatively better positioned amid supportive domestic fundamentals, while other key regions await clearer international and geopolitical signals.