Gadani buyers could only look on in astonishment as India
and Bangladesh snared their share of market and private vessels from under
their noses. Attempts to be competitive on the pricing-front appear to have
fallen flat again, with their competitors pushing the price on once more.
The Pakistani currency made some promising signs of a
recovery back down to PKR 107 levels to the USD (having previously been trading
in and around 109 as of last week), and certainly demand remains healthy
(despite several VLCC sales being reported in the past month or so).
However, with freight rates improving over these winter months
and Pakistan buyers showing a tendency not to take containers or other heavy
draft vessels, unless Gadani buyers show a willingness to improve and compete
on the market tonnage, it may well be a bleak end to 2013.
Source: steel guru. 17
December 2013
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