GMS Weekly Podcast | Week 40 Ship Recycling Market Recap - Spooky October Begins as Currencies Weaken and Steel Slips

In this Week 40 edition of the GMS Weekly Podcast, we review the latest movements across global ship recycling. As October begins, markets reflect a sharp slowdown with weaker currencies, falling oil, and softer steel prices across India, Bangladesh, Pakistan, and Turkey.

Global Market Overview

• Global trading indices fell by about sixteen percent, marking the sharpest weekly decline since January. • Oil prices eased to around sixty dollars per barrel, about twenty percent lower than the same time last year. • Currencies remained under pressure, with the Indian rupee near eighty-nine, the Pakistani rupee around two-hundred eighty-three, and the Turkish lira at forty-one point seven to the dollar. • Steel prices stayed mixed. India slipped to about four-hundred and two dollars per ton, Bangladesh held near five-hundred and twenty, and Pakistan stayed firm around six-hundred and twenty.

Regional Highlights

Bangladesh: Activity remained limited as local yards stayed mostly idle. The market continues to absorb the impact of HKC upgrades, limited supply, and political uncertainty. Steel prices held steady near USD 520 per ton.

India: Alang faced another difficult week. The rupee reached a record low of eighty-eight point seven-four, and domestic steel fell to about USD 402 per ton. One sale was reported, the Bow Cedar from Odfjell, at USD 940 per LDT supported by strong stainless-steel content.

Pakistan: Prices remain the highest in the region at roughly USD 620 per ton, but large LDT units remain scarce. Inflation increased to 5.4 percent and HKC approval work continues at Gadani.

Turkey: The Turkish lira weakened to about TRY 41.7 as inflation crossed thirty-three percent. Local recyclers continue to face tight financing and limited tonnage availability heading into the fourth quarter.

Market sentiment stayed weak through the start of October as declining fundamentals, currency pressure, and limited supply weighed on all major recycling destinations.

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