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GMS Market Commentary on Shipbreaking in Week 36 in Pakistan - BLEAK OUTLOOK!

Steel News - Published on Wed, 11 Sep 2019

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Despite noteworthy declines from both India and Bangladesh, which should invariably have bought Gadani back into fore, Pakistani activity and levels have (unsurprisingly) remained depressingly muted. While very few Owners and Cash Buyers are open to committing their units into Pakistan at these lowly levels in the mid USD 300s/LDT, similar to local port reports in India and Bangladesh, Gadani’s waterfront is expected to remain a bleak & barren landscape for a healthy portion of the fourth quarter of the year.

Overall however, despite local steel plate prices maintaining a degree of stability and even reporting a significant improvement this week, it has been the ongoing import of cheap Iranian billets that have crippled the resale of the marginal amount of (small LDT) ship’s steel that has been delivered here throughout the year and has subsequently restricted local Recyclers from offering competitively.

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Posted By : Rabi Wangkhem on Wed, 11 Sep 2019
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