<p class="MsoNormal"><span style="font-size:12.0pt;line-height:107%;font-family:

&quot;Times New Roman&quot;,serif">Despite a softening global steel market and a cautious

approach from international buyers, ship recycling rates across major hubs like

India, Bangladesh, and Turkey have remained remarkably stable. Reports from

Marine Link and Wirana Shipping indicate that recyclers are successfully

maintaining price levels even as demand for finished steel products remains

uneven and unpredictable. This stability suggests a market driven more by

recycler discipline than by aggressive consumer sentiment.<o:p></o:p></span></p>

<p class="MsoNormal"><span style="font-size:12.0pt;line-height:107%;font-family:

&quot;Times New Roman&quot;,serif">The regional landscape reveals a mix of local

pressures and opportunistic holding patterns. In India, the recycling sector

has resisted lowering bids despite a softening domestic steel market.

Meanwhile, Bangladesh's Chittagong market remains firm; although current demand

is sluggish, recyclers are optimistic that rising steel plate prices and

potential infrastructure spending in the upcoming June budget will revitalize

market sentiment. Conversely, Pakistan is struggling under significant pressure

as falling scrap prices have reversed recent gains, leaving local traders

burdened with expensive, high-cost inventories. In the Mediterranean, Turkish

recyclers have held their ground, keeping prices steady despite lingering

uncertainty surrounding demand for construction-grade steel.<o:p></o:p></span></p>

<p class="MsoNormal"><span style="font-size:12.0pt;line-height:107%;font-family:

&quot;Times New Roman&quot;,serif">A critical factor preventing a price collapse is the

historically low supply of vessels available for scrap. While some offshore

units, dry cargo ships, and tankers are being offered, actual concluded deals

are rare. This scarcity is a direct result of a booming broader shipping

market. High charter rates for dry cargo and robust demand for tankers are

encouraging owners to keep aging vessels in operation rather than sending them

to the yard. Additionally, the continued strength of the container market has further

discouraged owners from offloading tonnage for recycling.<o:p></o:p></span></p>

<p class="MsoNormal"><span style="font-size:12.0pt;line-height:107%;font-family:

&quot;Times New Roman&quot;,serif">Looking ahead, the industry remains in a state of

watchful "selectivity." Rakesh Khetan, CEO of Wirana Shipping,

emphasizes that the current price resilience is a product of market discipline

rather than a surge in demand. The industry is now looking toward Bangladesh

for a definitive demand signal. The coming weeks will be pivotal in determining

whether these stable price levels are merely a temporary plateau or if they

will eventually lead to a higher volume of concluded recycling deals as the

global economic picture clears.<o:p></o:p></span></p>