In its latest weekly report, Best Oasis (www.best-oasis.com), a leading cash buyer of ships said that “the Indian ship recycling market continues to remain stable, supported by healthy local steel consumption and steady demand for recycled steel. The availability of vessels for recycling remains extremely limited, with very few suitable candidates currently entering the market. Market participants are closely monitoring reports of a recent U.S. government circular concerning the potential removal of OFAC sanctions on certain vessels, which could create additional recycling opportunities. Overall, market sentiment remains positive, with favourable local steel market conditions supporting buying interest despite the shortage of available tonnage”.     The company’s report added that “the Bangladeshi ship recycling market continues to remain soft, although buying interest remains strong, with buyers actively seeking suitable vessels for recycling. The availability of recycling tonnage remains extremely limited, with very few vessels currently being offered for sale. Despite subdued market conditions, buyers remain keen to secure available tonnage, with the continued shortage of vessels restricting overall transaction activity. Overall, market sentiment remains cautious, while strong buying interest and limited vessel availability continue to characterise the market. The Pakistani ship recycling market has witnessed mixed movements compared to last week, although buyers continue to maintain strong purchasing capacity and keen interest in acquiring vessels. The reported closure of the Iran–Pakistan border has brought steel and rebar imports from Iran to a complete halt, following a significant reduction in supplies over recent weeks. This disruption in steel imports has provided a positive boost to the local ship recycling industry, as reduced availability of imported steel supports demand for locally recycled steel. Overall, buying interest remains strong, with restricted steel imports providing additional support to the local recycling market despite some fluctuations in market conditions. Finally, the Turkish ship recycling market remains stable, with limited trading activity and no significant changes reported during the week. The Turkish lira continues to remain weak, although currency fluctuations have not resulted in any further impact on recycling prices for the time being. Vessel availability remains influenced by EU regulations and the supply of suitable recycling candidates trading within or positioned near the region. Overall, Turkish recycling yards remain relatively busy and selective in their purchasing approach, with buying interest primarily focused on well-positioned and commercially attractive vessels that meet their specific requirements”, Best Oasis concluded.     Meanwhile, in a separate weekly report, shipbroker Intermodal said that “last week, recycling markets held broadly steady, except Pakistan and Bangladesh, which retain their strong appetite despite subdued market conditions. Alang remained stable, maintaining last week’s positive sentiment amid the festive period. Local steel plate prices firmed, even as holiday closures slowed demand. Exchangerate movements have been comparatively contained. Buying interest is selective and recycling activity remains limited, with general cargo and reefer arrivals at the waterfront alongside previously secured tankers and large specialist units. On the policy front, authorized ship recycling facilities by the Gujarat Maritime Board reached 47, a significant step towards yard compliance. Chattogram remains soft, although buying interest is still strong. Local steel market is broadly stable, as festival holidays slowed down momentum. Steel mills are cautious and are holding minimal stock, though this could change as construction picks up seasonally.     Local currency weakened against USD and candidate pool remains limited. On the macro side, slowing economy has curbed loan demand and left banks with surplus liquidity, creating better financing opportunities for recyclers. Pakistan showed mixed signals, with buying interest remaining strong, despite trade restrictions. Local steel prices declined, affected by weak demand. Local currency was unchanged against the dollar. Tonnage arrivals have been steady, but the wider market remains supply-constrained, keeping purchasing appetite balanced.

 Attention is focused on the closure of borders with Iran, as this disruption halted Iranian steel and rebar imports and will offer breakers a measure of support. Aliaga remained unchanged. Local steel prices corrected modestly with mills being cautious and facing liquidity constraints. Lira continues to weaken against USD and recycling flows are slow. The central bank cut its policy rate from 37% to 36%, offering modest financing relief, although present market conditions continue to limit buying capacity”, Intermodal concluded.