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GMS weekly report on Pakistan ship breaking industry for WEEK 34

Steel News - Published on Tue, 27 Aug 2013

As the Indian rupee continued to wreak havoc, so too did Pakistan struggle with its own currency as it reached a historical low of PKR 103.85 to the US Dollar a depreciation of almost 2% since last week.

Gadani end buyers started to scale back their offers some choosing not to offer at all as a certain panic began to descend on the market.

It was therefore with some surprise, that news emerged of the Ukrainian controlled VLOC MAXI BRAZIL being sold for a firm USD 403/LT LDT. Whilst larger units are favored above all else in Pakistan, anything excess 400/LT LDT on today’s market seems extremely wishful thinking indeed.

Source – Strategic Research Institute

(www.steelguru.com)

Posted By : admin on Tue, 27 Aug 2013
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