The ship recycling market continues to face a sluggish pace with little activity and limited hope for a change in the pattern for the remainder of the year. The post-Diwali boom anticipated in the Indian market did not materialize, leading to concerns about the domestic steel markets. Steel prices dropped daily, affecting sentiments in the industry. The upcoming elections in Bangladesh contribute to uncertainty, with reports of banks delaying the opening of Letters of Credit until the New Year. Indian breakers have returned to business, but mixed signals in the steel market have made buyers cautious. Despite low activity, Alang remains the prevailing market leader. The EU is considering including select yards in Alang on its approved list of recycling facilities, marking a significant development for the industry. Pakistan is also seeking to ratify the Hong Kong Convention, signaling a potential upgrade for its recycling facilities.

SOURCE: GOOGLE