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GMS Market Commentary on Shipbreaking in Bangladesh in Week 33 - OUT FOR EID!

Steel News - Published on Wed, 21 Aug 2019

Ongoing Eid holidays have resulted in minimal activity in Bangladesh this week, not only in terms of SNP activity & new purchases, but also local arrivals and deliveries as the only vessel at Chattogram anchorage was beached this week, leaving Bangladesh’s port position barren for the first time in a very long time. The ongoing Monsoon season and constant rains have continued to hamper much of the recycling activities at local yards, indicating that a healthy portion of the previously delivered large LDT inventory is still sitting on local plots and product has yet to shift to domestic steel mills.

Coupled with the recent increase in VAT in Bangladesh, this has been a seemingly uncontrollable slowdown in the shifting of inventory from yards and has subsequently suffocated demand from Bangladeshi Buyers over these summer months.

The conclusion of Eid holidays and incoming end of the rains may therefore be too soon to start seeing this market moving up again, even though an uptick in this market seems inevitable, given the overall stability of key domestic fundamentals.

Source :

Posted By : Amom Remju on Wed, 21 Aug 2019
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