Local sentiment improved on the back of these developments. Buyers grew keener to purchase vessels, with an overall feeling that the market could continue to move upwards in the near term. Steel demand continues to hold up better than previously expected, adding confidence to the broader market outlook. Availability of tonnage remains scarce across all three subcontinent locations, with buyers becoming keener”.

“Meanwhile, the Bangladeshi market remained largely quiet this week, although buying interest improved, with a clear preference for fresh candidates; overall participation, however, stayed limited due to HKC-related constraints. Tonnage availability remained extremely tight, with only a limited number of units in circulation. Domestic steel markets were largely unchanged, with minimal week-on-week movement reported. With elections approaching, sentiment stayed cautious, as the outcome is expected to influence near-term confidence and broader market conditions. The Pakistani market remained firm this week, supported by continued demand from end buyers. While broader economic conditions remain challenging, buyer sentiment improved and purchasing appetite remained evident. The inflow of lower-priced steel from Iran has paused amid ongoing unrest, providing end buyers with some relief and contributing to improved buying interest.

Finally, in Turkiye, “the market remained stable this week, both locally and on import. Several import fixtures were reported, with delivery from the end of Feb to early March, reflecting steady activity”, Best Oasis concluded.

In a separate report, shipbroker Intermodal, said that “last week, the Subcontinent’s ship recycling activity displayed varied trends, with Pakistan and Bangladesh recording modest improvements, supported by firming local steel markets. In India, the minor correction seen in steel plate prices, had little impact on ship recycling offers. Although Indian recyclers continue to express active interest for purchases, their competitiveness remains questionable compared with other subcontinent markets. Limited activity was nevertheless witnessed at Alang, though the continued weakness of the Rupee persists as a downside risk to the outlook.

On a more positive note, the EU and India affirmed cooperation on sustainable ship recycling, supporting HKC and the EU’s approval of compliant Indian yards under the EU Ship Recycling Regulation. Pakistan’s ship recycling sector is showing early signs that momentum may begin to build, as competitive offers continue to attract owners.      Recent acquisitions of small and mid-sized bulkers, point to improving performance. This gradual pickup, supported by tangible progress on environmental compliance following the HKC certification of a second yard, cautiously lifts sentiment. Meanwhile, domestic steel fundamentals remain stable, backed by the absence of Iranian imports and firmer demand. On the policy side, steady interest rates underscore the central bank’s efforts to maintain price stability. In Chattogram, ship recyclers are showing renewed engagement, with interest in fresh tonnage gradually rising even as offer levels remain largely stable. Following a quiet period, several candidates from the dry, wet, and LNG segments are now being circulated, signaling renewed activity as Bangladeshi buyers strategically reposition themselves in an increasingly competitive demolition landscape. This is further reinforced by an improving steel sector, as demand from local mills firms to rebuild their stocks.

Finally, in Turkey the yards remains active, driven by a steady flow of incoming tonnage. At the same time, the steel market is exhibiting healthy conditions, supported by balanced domestic demand and exports”, the shipbroker concluded.