Pakistan prices and sentiment have sunk shamelessly to the lowest levels of the year. End buyers remain petrified that prices will reduce further and have accordingly refrained from offering on any new tonnage at all, or have offered mind bogglingly low and unworkable numbers.
It was therefore little surprise to see no new sales recorded, with most cash buyers now focused on delivering their high priced vessels without any major hassles.
Gadani buyers also need to keep the pressure up on local government to impose higher duties on the steady stream of cheap Chinese steel. Perhaps, this alone may be enough to see an encouraging rebound on prices.
Source: steel guru. 26 November 2014