GMS Weekly Podcast | Week 38 Ship Recycling Recap – India’s Suspect Imports, Bangladesh Sporadic, Pakistan Waiting, Turkey Sliding

In this Week 38 edition of the GMS Weekly Podcast, we cover the latest ship-recycling market trends, freight activity, steel prices, and key port updates from India, Bangladesh, Pakistan, and Turkey. This week’s theme: September Serene?

Global Market Overview

• Freight activity stayed mixed as the Baltic Dry Index held steady: Capesize gained about 1 percent, while Panamax and Supramax fell nearly 2 percent and 3 percent.

• Oil prices moved only slightly higher, with WTI crude closing at USD 62.74 per barrel, still down 1.4 percent for the month and 10.8 percent year on year.

• Currency markets softened: Indian rupee firmed to INR 88.09, Pakistani rupee to PKR 283.44, Bangladeshi taka to BDT 121.74, while Turkish lira slipped to TRY 41.41.

• Steel plate prices were steady across major recycling hubs: India USD 448 per ton, Pakistan USD 619 per ton, Bangladesh USD 519 per ton.

Bangladesh Activity remains sporadic. Recyclers focused on larger LDT and LNG units as smaller ships drew little interest. One fresh LDT tanker arrival broke the quiet. The taka eased to BDT 121.74 and steel plate prices held at USD 519 per ton. With February 2026 elections ahead and infrastructure demand weak, most recyclers stay cautious.

India Alang stayed the busiest yard, recording about 84 K LDT of arrivals including several OFAC-listed or sanctioned units that other markets rejected. Prime Minister Modi’s visit to Bhavnagar caused partial shutdowns, but demand held firm. The rupee strengthened to INR 88.09 and steel plate prices remained flat at USD 448 per ton. India continues to lead LNG recycling sales.

Pakistan Gadani logged a third straight week of no arrivals. DASR certification and slow Hong Kong Convention yard upgrades continue to limit activity. Still, fundamentals are strong: PKR strengthened to 283.44 and steel plate prices remain near the industry high at USD 619 per ton. Progress on HKC compliance could allow a market rebound later this year.

Turkey The market remained quiet. The lira weakened further to TRY 41.41, import steel prices fell for a second consecutive week, and recycling activity stayed minimal.

Beach Breakdown Global freight markets steadied and steel prices were unchanged. India saw the most arrivals, Bangladesh stayed selective, Pakistan waited for yard approvals, and Turkey remained subdued.

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.