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GMS Market Commentary on Shipbreaking in Pakistan in Week 22 - DEPRIVED!

Steel News - Published on Thu, 13 Jun 2019

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Another week of expectedly no sales and virtually no activity has crept by once again in Pakistan, which is hardly surprising given the ongoing Eid holidays this week. However, this has been the trend for a greater part of the last 8 months in Gadani. Steel mills have started to shutter and local yards are deprived of tonnage. Even with the one or two smaller tugs that occasionally greet the waterfront on the off week, the supply of units has been miserable as local port position remains empty once again this week, thanks to the sheer unwillingness of Gadani Buyers to compete with their sub-continent counterparts.

Local fundamentals and in particular the currency (which has lost about 20% of its value over the last couple of declines) are to blame for the most part and it will take some turnaround to see Pakistan competing again on market tonnage this year.


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Posted By : Rabi Wangkhem on Thu, 13 Jun 2019
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