Gadani buyers could only look on in astonishment as India and Bangladesh snared their share of market and private vessels from under their noses. Attempts to be competitive on the pricing-front appear to have fallen flat again, with their competitors pushing the price on once more.
The Pakistani currency made some promising signs of a recovery back down to PKR 107 levels to the USD (having previously been trading in and around 109 as of last week), and certainly demand remains healthy (despite several VLCC sales being reported in the past month or so).
However, with freight rates improving over these winter months and Pakistan buyers showing a tendency not to take containers or other heavy draft vessels, unless Gadani buyers show a willingness to improve and compete on the market tonnage, it may well be a bleak end to 2013.
Source: steel guru. 17 December 2013