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GMS Market Commentary in Pakistan in Week 11 - NO COMPETING!

Steel News - Published on Tue, 19 Mar 2019

Image Source: Let's Travel Somewhere
After a large delegation of Pakistani Recyclers attended the recent ship recycling conference in Hong Kong last week (where several large LDT ships were committed at numbers well above their guidance), Gadani Buyers are starting to grasp onto the gravity of the challenges they face in securing competitive, decent LDT tonnage. Prices in Gadani are presently stranded about USD 50/LDT below their Bangladeshi counterparts, so there is (unfortunately) no competing with the market leaders at present – on vessels big OR small (where they are hoping to fix units below the USD 400/LDT mark).

Therefore, it remains no surprise to see Gadani’s port report relatively barren (despite just a couple of small LDT units reportedly at anchorage) and as Pakistan plots stand empty and starved of tonnage, so drastic has been the fall from grace in this sector over the last 6 months or so.

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Posted By : Rabi Wangkhem on Tue, 19 Mar 2019
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