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