27 August 2013

GMS weekly report on Pakistan shipbreaking industry for WEEK 34 of 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: steel guru. 27 August 2013

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