GMS Weekly Podcast | Week 45 Ship Recycling Market Recap: “Trading Day? Some Other Day.”

In this Week 45 edition of the GMS Weekly Podcast, global ship recycling markets remain subdued as weak fundamentals, falling steel prices, and currency volatility continue to pressure recyclers across South Asia. From Bangladesh and India to Pakistan and Turkey, sentiment stays fragile while inflation, sanctions, and lack of supply define the tone. Global Market Overview Markets limped through early November as macro pressures persisted. The Baltic Dry Index gained about 7% for the week, with Capes up 3.1%, Panamaxes 0.9%, and smaller segments rising 0.5%. Oil slipped again, closing just above USD 60 per barrel, while renewed U.S. sanctions and weaker global demand continue to cloud forecasts. Inflation in key recycling nations remained uneven: Pakistan saw renewed price pressure, Turkey and Bangladesh stayed unstable, and India’s figures remain pending. Bangladesh Chattogram stayed on top in name but not in action, with no viable tonnage arrivals and local buyers offering above-market rates just to keep yards active. The Taka depreciated further to BDT 121.93 per USD, and domestic steel plate prices collapsed, ending the week with no trading reported. Inflation hovered at 8.17%, while political and economic uncertainty weigh heavily heading into 2026. India Alang continues to show resilience despite ongoing price weakness. Steel plate levels fell to USD 388.95 per ton, while the INR slipped to 88.67 per USD. Despite those declines, two mini-VLCCs arrived this week, showing India’s growing dominance as an HKC-compliant recycling destination. Pakistan Gadani’s market remains under heavy strain, with offers below USD 400 per LDT as cheap Iranian steel imports flood the market. Local steel prices held around USD 614 per ton, but the PKR weakened to 282.5 per USD, and inflation jumped to 6.2%. Still no HKC-approved yards, leaving Gadani struggling for competitiveness. Turkey Aliaga stayed mostly silent this week. The Lira plunged nearly 40 basis points to TRY 42.23 per USD, while local recyclers tried to lift prices slightly to attract tonnage, with little success so far. Market Sentiment With global inflation, currency devaluation, low supply, and soft steel fundamentals, the world’s ship recycling sector continues to drift through uncharted waters. Optimism now shifts to 2026 as recyclers await a long-overdue "Trading Day."   For full details, vessel rankings, and port positions, download the GMS Weekly on our website or mobile app. Follow GMS on LinkedIn, Facebook, Instagram, and Twitter for daily updates.