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GMS Market Commentary on Shipbreaking in Pakistan in Week 02 - PROPPING UP REST!

Steel News - Published on Tue, 15 Jan 2019

Image Source: SteelGuru
Despite some positive moves via the resumption of high-rise building projects (therebyincreasing the domestic demand for steel) towards the end of last year, Pakistan remains marooned at the foot of the subcontinent demo pricing yet again. Rumors remain abound surrounding the imposition of another mini-budget, which is suspected to be punitive in nature for the domestic steel industry. Yet, there has been little to boost the state of local sentiments to (positively) affect local buying.

Meanwhile, the currency, even though stable, continues to trade at historical lows, whilst a flood of cheap steel products from neighboring countries (Iran / China primarily) continues to undercut local inventory.

This is becoming an increasing problem across the subcontinent locations and higher duties / tariffs will be needed to curtail this growing and worrying trend.

Overall, this is certainly not an easy time for the Gadani market.

Source :

Posted By : Joykumar Irom on Tue, 15 Jan 2019
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