GMS weekly report on PAKISTAN shipbreaking industry for WEEK 24 of 2011:

The slow movement in the Pakistan market remains omnipresent and their ongoing cherry picking tor tonnage remained visibly evident this week as well.

From all the available units on offer, Gadani buyers bid aggressively for and they managed to walk away with TMTs IRON MONGER 5 at a STRONG USD 520 per tonne. Having bought M and T IRON MONGER 9 from the same owners in the past, local interest to acquire the subsequent unit remained keen.

Otherwise, the local Pakistan market, like the rest of the industry has been reeling from the effects of the ongoing monsoon and the after effects of a large volume of purchases. While prices had diminished for post budget deliveries we do expect a further drop in levels as competing India continues to diminish. There will however, remain available buyers for meaningful tonnage at firm levels.

Source: Steel Guru (Sourced from GMS Weekly). Wednesday, 22 June 2011

http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_24/210873.html