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Indian local steel plate prices plummeted even further this week as the recent ongoing losses accumulated to form a full blown crisis, with very few end Buyers even willing to offer on tonnage whilst the current situation remains ever-so precarious.

Pakistani Buyers have also been intently lobbing lowball offers, expectedly, to no avail as NO Cash Buyers are willing to entertain such figures from the increasingly beleaguered Gadani market. We have heard nothing but tales of woe from Pakistan for some time now viz. the 10% duties imposed in the 2018 budget, the lack of cutting permission, and the currency depreciation being the primary complaints. Somehow, local steel prices have managed to remain steady through this time.

Meanwhile, the initial batch of tankers beached in Pakistan have been inspected by local authorities this week and permissions have gone to Quetta so that the green light to commence cutting activities can finally be delivered. Moreover, the political situation in Pakistan has been rather unsteady and a new government is expected to be sworn in before the end of the month, hopefully bringing some much-needed stability to the country.

Bangladesh therefore remains the most reliable and steady of the sub-continent markets for another week and it was unsurprising to see a majority of Cash Buyer unsold vessels heading towards Chittagong shores, with another FSU / VLCC being committed this week, taking the total number sold so far through 2018, to over 30. At the opposite ends, China and Turkey remain suspended in the same place as last week, with little to report from these markets.

For week 28 of 2018, GMS demo rankings / pricing for the week are as below.

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Source: GMS Weekly

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