GMS weekly report on PAKISTAN shipbreaking industry for WEEK 29 of 2011:

As international recycling markets improved in terms of sentiment and prices across the board, Pakistan also fell into line as offers and demand showed a market increase for the week.

This may be due to a numbers of reasons Indian prices and the anticipated Bangladeshi market extension has seen the number of candidates committed to Pakistan, decrease over the last few weeks. As such it has become increasingly important that in order to be competitive, an improvement in local prices has become well overdue.

Furthermore, due to ongoing national gas shortages, the material price of scrap steel has increased this week and with holidays on the horizon, now is considered a good time to for local recyclers buy and stock up local yards. Banks will be closed there on August 1st and 2nd 2011 due to Ramzan holidays with Eid and the holy month of Ramadan thereafter on September 1st and 2nd 2011

Source: Steel Guru  (Sourced from GMS Weekly). 26 July 2011

http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_29/216540.html