Pakistan prices and sentiment have sunk shamelessly
to the lowest levels of the year. End buyers remain petrified that prices will
reduce further and have accordingly refrained from offering on any new tonnage
at all, or have offered mind bogglingly low and unworkable numbers.
It was therefore little surprise to see no new
sales recorded, with most cash buyers now focused on delivering their high
priced vessels without any major hassles.
Gadani buyers also need to keep the pressure up on
local government to impose higher duties on the steady stream of cheap Chinese
steel. Perhaps, this alone may be enough to see an encouraging rebound on
prices.
Source: steel guru. 26 November 2014
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