Ship scrap prices fall in India, Bangla

June 27 | Updated: Jun 28 2005, 06:39am hrs
The price offered for ships to be scrapped fell last week in Bangladesh and India, the worlds 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.