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GMS update on shipbreaking in Pakistan in Week 10 - LONG TIME COMING!

Steel News - Published on Tue, 12 Mar 2019

Image Source: SteelGuru
Despite the attendance of a delegation of Pakistani ship Recyclers in Hong Kong for the Tradewinds conference this week, it is clear that the ship recycling market in Gadani will remain uncompetitive for the time being, and with the way this market is currently performing, this is expected to be the case for a few more months. Having experienced such sharp deteriorations in the currency late last year and local steel plate also being undercut by cheaper steel billets being imported from Iran, most end Buyers are hoping for prices to drop below the USD 400/LDT mark before getting back to the bidding tables once again.

However, Pakistan neither has green facilities nor the experience or desire to take in offshore units that would justify a price level below USD 400/LDT, something that has helped Indian Buyers secure their share of inexpensive units of late.

Moreover, with Bangladesh still towering a hefty USD 30/Ton (and likely higher, given this week’s incredibly priced fixtures), Gadani Recyclers are unable to get away with hopes of sub-USD 400/LDT pricing and they may certainly be waiting for some time before being able to secure any part of their desperately desired share of the market tonnage.

Finally, the rotting evidence of their inability to secure any meaningful tonnage presents itself via a famished local port position that remains barren and once again, has seen no fresh arrivals this week as well.

Source :

Posted By : Rabi Wangkhem on Tue, 12 Mar 2019
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