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GMS Market Commentary on Shipbreaking in Pakistan in Week 32 - PULLING BACK!

Steel News - Published on Wed, 14 Aug 2019

In the wake of India’s crashing fundamentals and Bangladesh simmering through the monsoon season, Pakistani Buyers are pulling back from the buying once again seemingly nervous of actually securing any tonnage. Gadani has not been an active ship recycling destination for nearly a year now and as it stands, given the current state of domestic fundamentals, there is no apparent danger for local Buyers to get back into the buying. However, given the propensity of local Recyclers to mimic levels from competing India rather than taking cues from their own economy, Gadani Buyers keep positioning their numbers well below what their fundamentals can in fact support.

As such, Pakistan continues to remain a silent spectator, even for juicy tonnage that is opening up in the area and will likely head towards Chittagong shores – especially if the current pricing trend continues.

Meanwhile, as has been the case for several weeks now, Iranian billets continue to plague the domestic ship recycling sector (undercutting any local steel inventories) as does the weakened Pakistani Rupee, which remains the primary source of heartburn within the country.

NO MARKET SALES REPORTED

Source :

Posted By : Ratan Singh on Wed, 14 Aug 2019
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