As the world's ship recycling markets emerge from the Eid al-Fitr holidays, they do so into an environment that continues to generate more questions than answers, says cash buyer GMS.“The post-holiday reopening,
As the world's ship recycling markets emerge from the Eid al-Fitr holidays, they do so into an environment that continues to generate more questions than answers, says cash buyer GMS.
“The post-holiday reopening, always anticipated as a potential catalyst for pent-up activity, has instead delivered something more characteristic of the broader 2026 narrative: confusion. Steel plate prices played opposite roles in Pakistan and India this week, as Indian levels recorded an impressive jump while Pakistani levels continued to bleed, declining non-stop over the course of the last month now. Bangladeshi and Chinese levels continued to flatline at the bottom of the pool, offering little directional signal to a market already starved of pricing clarity.”
Even the U.S. Dollar, which has otherwise been a reliable source of sub-continent pressure this year, chose this week to remain undecided, making firm improvements against some recycling currencies while losing ground against others.
The mixed signals have left buyers and sellers alike struggling to anchor their negotiating positions, and the result has been another week in which market activity remained well below the levels needed to make meaningful inroads into the tonnage backlog that has been building throughout Q1.
The broader macro context remains unchanged
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