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GMS Market Commentary on Shipbreaking in Pakistan in Week 28 - PROPPING UP!

Steel News - Published on Thu, 18 Jul 2019

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Pakistan will need to get back into the buying sooner rather than later, with both India and Bangladesh struggling to find any sort of form over these summer / monsoon months. The PSBA is still in the midst of their challenge to Islamabad in trying to overturn the punitive elements of the budget that were imposed on the domestic ship recycling industry and there is some optimism that they can achieve positive results, which may see end Buyers start to enquire on new vessels once again.

For the time being however, prices remain crippled by imported Iranian billets, whilst the currency crisis (depreciating over the course of a year to knock off 20% of its value) and this weeks fall in steel plate prices by about USD 5per tonne has left Pakistan stranded as the lowest placed subcontinent market by some distance once again.

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Posted By : Amom Remju on Thu, 18 Jul 2019
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