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GMS Market Commentary on Shipbreaking in Pakistan in Week 03 - BLEAK OUTLOOK!

Steel News - Published on Tue, 22 Jan 2019

Image Source: SteelGuru
As evident from the local port position, Gadani’s local anchorage has remained barren over the last few weeks, with no fresh (and meaningful) arrivals having taken place, as plots are swiftly starting to empty, which should lead to a firming demand in due time.

Ever since the devastating Rupee devaluation and weakened scrap steel price (which is still fresh in local memories), realistic levels have been nearly impossible to come by. Furthermore, the government’s announcement of another mini-budget on January 23rd have also pushed Gadani Buyers into the “wait-and-watch” corner to see if any new taxes / duties maybe announced – particularly on the flood of cheap billets that are entering the country from Iran and China.

Source :

Posted By : Joykumar Irom on Tue, 22 Jan 2019
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