Despite presently offering some of the best levels in the international recycling markets, Gadani buyers were not able to secure any tonnage this week.
While local steel prices remain firm and the currency has not suffered the type of depreciation seen in India, the upcoming budget and unresolved and impending 4% hike in taxes have remained the key reasons why Pakistan buyers have been talking down the market.
Moreover, having secured a large share of the high priced and heavy LDT inventory in recent months, local buyers were seemingly not too troubled ending the week on a quiet note.
Source: steel guru. 4 June 2013
http://www.steelguru.com/middle_east_news/GMS_weekly_report_on_Pakistan_ship_breaking_industry_for_WEEK_22/314170.html
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