GMS Weekly Podcast | Week 36 Recap: Bangladesh Silent, India in Double Jeopardy, Pakistan Stable, Turkey Weak

In this Week 36 edition of the GMS Weekly Podcast, we break down the latest developments in the global ship recycling market, with updates from Bangladesh, India, Pakistan, and Turkey. This week’s theme: Treading Water & Testing Nerves.

Global Overview:

• Baltic Dry Index at 1,979, up 0.8%, though overall freight slid 2.3%.

• Oil prices extended losses: WTI settled at USD 61.9 per barrel.

• Currency shifts: Indian rupee at record lows in the 88s, Pakistani rupee steady at PKR 283.52, Bangladeshi taka slipped, Turkish lira at TRY 41.25.

• Steel plate prices: India flat at USD 448.88/ton, Pakistan firm at USD 625.44/ton, Bangladesh down sharply to USD 519.59/ton.

Bangladesh: No fresh arrivals. Steel imports pressured prices, down over USD 21 this week. Only 21 operational yards remain, down from 35. Political uncertainty ahead of the 2026 election continues to stall Chattogram.

India: Double jeopardy with tariffs and sanctions driving the rupee into record lows. Steel plate prices stuck at USD 448.88/ton. Despite over 100 HKC-approved yards, only one small cargo unit arrived recently. Alang remains busy on paper but is struggling in practice.

Pakistan: Gadani stayed the best-placed market with firm plate prices at USD 625.44/ton and stable currency at PKR 283.52. A USD 42 million government initiative aims to deliver 31 eco-compliant yards by 2026. Fundamentals solid, but no new arrivals this week.

Turkey: No recovery in sight. Plate prices slipped, the lira weakened to TRY 41.25, and sentiment remains weak.

Beach Breakdown: Bangladesh silent, India pressured, Pakistan stable but waiting, Turkey still struggling.

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