As perhaps the one market to display any sort of interest in vessels post budget, it was no surprise to see a huge swathe of candidates proposed to open buyers who were then able to pick and choose desired units and dictate the price they were willing to pay.
With few overall material changes in the budget of June 1st, other than a reported increase of sales tax by about PKR 1500 per tonne the effects of which were yet to be realized, enquiries for new acquisitions were only posted by those end buyers keen to stock yards.
Notwithstanding, such enquiries were always accompanied by a question and ponderance on the state of the neighboring Indian market.
Rarely ones to set the tempo, Gadani buyers may be trying to take advantage of the current predicaments in competing markets and will certainly be looking to pick up a bargain or two at the same levels or even a touch below India.
Source: Steel Guru. 12 June 2012http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_23_2012/268180.html