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GMS Market Commentary on Shipbreaking in Week 44 in Pakistan - Constantly Confused

Steel News - Published on Fri, 08 Nov 2019

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Pakistani Buyers remain in a confused state & unsure, if and whether to offer at all, seemingly only confident to focus on the smallest of units on offer, in order minimize & mitigate any potential risks in the near future. Supply into Gadani has been pathetic (to say the least) for most of the last year, as several steel mills have closed across the country and plots / port reports lie eerily empty, as has been the case now for the last several weeks now including this week.

As such, there remains little hope of Pakistan getting back to any serious buying, especially as the supply of tonnage from the international market remains limited. This is therefore a market that remains one to steer clear of for the most part, despite a growing yet unrealized demand, which can certainly not be counted on for the immediate future.

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Posted By : Rabi Wangkhem on Fri, 08 Nov 2019
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