GMS weekly report on PAKISTAN shipbreaking industry for WEEK 38 of 2011:

Despite some mild improvements on price in the wake of rising steel levels and a dithering sentiment in India, there was still a fair degree of caution evident in a market all too wary of 'overpaying' with most local Gadani buyers hoping to avoid a bidding war with Bangladesh and India.

The Bangladesh closure on October 12th 2011 and a weakening Indian sentiment could well play into Pakistani hands as prices from ship from Gadani were not too far behind. There is no doubt Gadani buyers would be all too willing to pick up the pieces should the bottom fall out of their two chief competing markets and from the look of it, they may have timed their run to perfection.

Oil the sales front, the full spares Japanese bulker RANA fetched a firm price of USD 5I0 per LT LDT this week in what appears to be the first signs of competitive market action in recent months.

Source: Steel Guru (Sourced from GMS Weekly). 27 September 2011

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