As the Indian rupee continued to wreak havoc, so too did
Pakistan struggle with its own currency as it reached a historical low of PKR
103.85 to the US Dollar a depreciation of almost 2% since last week.
Gadani end buyers started to scale back their offers some
choosing not to offer at all as a certain panic began to descend on the market.
It was therefore with some surprise, that news emerged of
the Ukrainian controlled VLOC MAXI BRAZIL being sold for a firm USD 403/LT LDT.
Whilst larger units are favored above all else in Pakistan, anything excess
400/LT LDT on today’s market seems extremely wishful thinking indeed.
Source: steel guru. 27
August 2013
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