Perhaps the first signs
of trouble on the horizon surfaced this week in Pakistan with a currency that
had started to creep above PKR 101 against the US Dollar (having been at PKR
98.5 the previous Monday).
While most end buyers
are refusing to panic, believing that such fluctuations are often seen in the
Pakistan currency and a quick recovery is often forthcoming, there are those
who comment that this may affect prices negatively by as much as USD 10 to USD
15 per LT LDT.
Furthermore, with
political tensions continuing to afflict the region, in addition to many of the
hot buyers taken up with well priced tonnage recently, it may be that Pakistan
sees some form of a cooling period ahead (having dominated as market leaders
for almost two months now).
This may well see more
vessels diverted to Indian and Bangladeshi buyers who are starting to see their
prices come up (and in some cases beyond) Pakistan buyers, to offer viable
competition once again.
Source:
steel guru. 27 August 2014
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