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GMS Market Commentary on Shipbreaking in Pakistan in Week 27 - INACTIVE AND INERT!

Steel News - Published on Wed, 10 Jul 2019

Image Source: SG
Pakistan remains in an inactive and inert state following their currency catastrophes (crippling depreciations that have seen 20% of its value wiped off over the course of a year), which has subsequently put them out of reach (pricewise) from their subcontinent competitors. In reality, the prices mentioned on the sales board of the Market Commentary of the GMS WEEKLY are perhaps illusory as there are no firm and serious Buyers ready to negotiate or commit on any prospective tonnage proposed into Pakistan at present.

As such, it is now a waiting game in Gadani ie waiting to see if the currency finally stabilizes, waiting to see if the PSBA will be successful in their appeals to get elements of the budget overturned, and waiting to see if demand finally starts to tell with yards virtually empty following almost a year of inactivity.

Source :

Posted By : Ratan Singh on Wed, 10 Jul 2019
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