GMS weekly report on PAKISTAN shipbreaking industry for WEEK 34 of 2011:

• Slow spell continues

Weakened Interest:

Trailing notably tar behind their Indian counterparts, Pakistani buyers have been unable to effectively compete in the international arena and take home any market tonnage. Their prices and weak demand (owing to the month of Ramadan) have resulted in a relatively quiet spell for the local market.

However, as Indian levels now appearing to be comparatively firmer and local Gadani recvclers start to process through tonnages at local yards, it is only a matter of time until the Pakistan market regains its momentum and firmer levels are on hand. Until then, other than the one off sale, we do not anticipate much movement from the local market.

No market sales reported 

Source: GMS Weekly. 29 August 2011

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