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GMS Market Commentary on Shipbreaking in Pakistan in Week 33 - OFF THE BOIL!

Steel News - Published on Wed, 21 Aug 2019

Pakistani Buyers seemingly do not have the desire or confidence to place fresh and firm offers (that are in line with local fundamentals) on the table and no sooner do we see a number from Gadani, it is almost immediately withdrawn as soon as further negative news from India is forthcoming. The unending price offerings that are solely focused on India (rather than their own fundamentals) are something that will unfortunately keep this market from ever being independently competitive on a global perspective.

Moreover, testament to the fact that the Pakistani market has not been seriously active for over a year now, local confidence has further dampened and local Recyclers are nervous at making any aggressive moves, especially given the performance of the domestic economy following Imran Khan’s election victory last year.

Although presently stable, the Pakistani Rupee too has reached historical lows and imports of cheap Iranian billets are killing the resale of ship’s steel, in what have become the key prevalent issues facing the ship recycling sector in Gadani today.

Source :

Posted By : Amom Remju on Wed, 21 Aug 2019
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