The prices being offered by the subcontinent market for securing tonnage have probably reached their peak and the price curve is expected to flatten out in the coming week. It will be interesting to watch for how long these prices will prevail before the market factors kickstart the cycle of highs and lows again.
Shipping industry representatives, backed by nine countries, Greece, Japan, Switzerland, Singapore, Malta, Nigeria, Liberia, Georgia, and Palau, representing about 40% of global merchant shipping tonnage have submitted a proposal to the UN to charge a climate-related levy on fossil fuels used by international shipping. The proposed levy, of $2 a tonne of fuel used by ships, would raise about $5 Billion over the next decade to fund research and development into zero-carbon ships.
The coming week is of utmost importance to the whole world at large and specifically for our industry. As the world is gearing up to celebrate Global Recycling Day on 18th March, we dedicate the whole week to discuss, practice and promote Recycling in all spheres of our lives. We all know that the world's natural resources are finite, and some are in extremely short supply, still our actions fall short in addressing this inescapable truth. Therefore, we urge all our readers to imbibe the 3 R’s - Reduce, Reuse and Recycle in all possible aspects of your life for a sustainable future.
The demand for tonnage and interest from end buyers have retained the momentum but India has not been able to seal the deals due to its modest price offering in comparison to the neighboring markets which are leading the price board yet again this week
The government plans to set up a Metal Recycling Authority by June 2021 to promote organized recycling of key non-ferrous metals such as aluminium, copper, zinc, and lead. The MRA will set norms for registration, evaluation and ranking of recycling units.
The demand from end buyers of Bangladesh has been high since past few weeks but they have not been able to secure enough tonnage as the prices being offered from Pakistan were more competitive. Towards the end of this week the prices of Pakistan and Bangladesh have come at par and we expect to see more tonnages being secured by Bangladesh in the coming week.
In a landmark ruling, the court of appeal of England and Wales has held that a shipping company in London selling a vessel in South Asia could owe a legal “duty of care” to shipbreaking workers in Bangladesh even when there are multiple third parties involved in the transaction.
Pakistan was leading the price charts until mid-week, but the prices have dropped by USD 15-20/MT from Wednesday onwards. Though it is still offering quite competitive prices in comparison with its neighbouring markets, this drop will make the competition intense in the coming week as the breakers will have to compete with their counterparts in Bangladesh to grab the deals.
Pakistan has initiated an anti-dumping investigation on cold-rolled steel products from Vietnam with a proposed duty of 27.98 %. According to Pakistan National Tariffs Commission, the alleged dumping of these products was hurting the local producers.
No new vessel has arrived in Aliaga this week.
Import scrap prices have softened by about USD 20/MT compared to last week.
Domestic steel prices in the Turkish market have increased with the weakening of the Lira against the US dollar. The weakening of Lira pushes up domestic prices because the country buys most of its raw materials in US dollars and then sells it for Lira.