The price offered for ships to be scrapped fell last week in Bangladesh and India, the world’s largest markets, after prices of recycled steel plates dropped.
Indian buyers offered $315 a tonne of recoverable steel for oil tankers, down $35 a ton from a week earlier, Maryland based GMS Inc. said in a market report. The price of recycled steel plates dropped $10 a ton to $380, said GMS, which buys ships from owners and sells them to scrapyards. Prices for oil tankers fell in Bangladesh to $350, down $10 from a week earlier.
Prices paid for ships to be scrapped rose to a record $470 a tonne in Bangladesh in February because of a shortage of ships sold for scrap and rising global steel prices.