Negativity surrounding the results of the budget have engulfed the Pakistan market this week, with very few end buyers choosing to offer until the small print is fully understood and those that were keen to buy are now offering a full USD 15 to USD 20 per LT LDT lower than pre-budget levels.
As a result, very few sales were concluded both from market and from existing cash buyer inventories with a standoff set to ensure until either the market comes up for tankers (gas free for man entry only) or ships are cleaned and taken elsewhere.
If all of the changes so far realized come to pass in the final edit of the Pakistan budget, it may be that a quieter few summer months ensue, despite demand remaining firm for the right units (many buyers not having purchased whilst waiting on the budget announcement).
Source: steel guru. 10 Jun 2014