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GMS Market Commentary on Shipbreaking in Pakistan in Week 20 - PAKISTAN

Steel News - Published on Wed, 22 May 2019

Image Source: SteelGuru
Just as Pakistan started to come back into view this week, following slides in both the Indian and Bangladeshi markets, another poignant depreciation of the currency has left this market in no man’s land once again. It really has been a tale of woe and misfortune for Gadani recyclers for the better part of almost a year now, and there seems to be little hope on the horizon for this market as they enter the traditionally quieter summer / monsoon months.

Plots remain depressingly empty and mills have shut down, due to an overall lack of supply. Whilst Bangladesh and India have managed to absorb much of the tonnage for the first half of this year, a fully firing Pakistani market is fundamental to the health of the Indian subcontinent ship recycling market.

NO MARKET SALES REPORTED

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Posted By : Ratan Singh on Wed, 22 May 2019
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