Pakistan: Ship Breaking Market Gains Momentum After Holidays; Prices Up
In recent reports, SteelMint has assessed that some factories, have reopened after the Muharram break. Business has picked up after the break, and the market is hopeful that it will continue to grow.
According to sources, since opening after the Muharram break, prices for containers have risen to USD 465/MT last week, from USD 450-460/MT as on 17 Sept'18. Similarly, prices for tankers have been assessed at USD 450/MT, having increased from USD 440-445/MT last week. The rates for general bulk cargoes have been gauged at USD 430/MT, having risen from USD 420-425/MT.
The industry is steadily picking pace since after the Ashura holidays ended.
However, Gadani is still struggling to regain its position in the market. Only a few oil tankers have been dismantled ever since the ban was lifted, and demand remains low. Until the safety concerns at Gadani are dealt with, it is expected that oil tanker dismantling will not fully take off. However, market participants remain optimistic that Pakistan's ship breaking will flourish as it is now seeing a rise in prices after some time of stagnation.
International HMS prices have remained range bound last week at USD 360/MT, from last week's rate of USD 355/MT. Imported shredded scrap has been evaluated at USD 360-365/MT, CFR Qasim.
source: SteelMint
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