Pakistan slumped to the lowest of the Indian subcontinent markets this week with a whimpering demand and evasive levels, despite fundamentals perhaps being the strongest of all markets as steel prices and the currencv remain largely untouched.
Cash buyers continue to try and offload their expensive (particularly large wet units gas free for man entry only) into Pakistan only to be constantly disappointed by local prices and sentiment.
There is demand for the right units, but there seems to be little incentive for prices to push on with all competing markets currently so volatile. The onset of Ramadan has hardly helped to focus buyers who seem content to pounce on tonnage sporadically given the right unit and price.
Source: Steel Guru. 23 July 2013http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_29/319678.html