GMS Week 30 – PAKISTAN POWER!
Pakistan has been and continues to surge ahead of its sub-continent competitors in recent weeks, with some astounding numbers being tabled. This week, it was no different with another couple of rather high-priced bulker sales being confirmed to Gadani Buyers.
Despite the prices on show, there has been an ongoing slowdown in the availability of tonnage for sale for recycling and given the closure of the recycling markets for a few months early in the year (which only added to the diminished level of recycling activity), the overall situation may be contributing to some of the desperate speculative numbers being seen from Cash Buyers and various End Buyers alike (especially in Pakistan).
As such, India and Bangladesh still remain stranded some ways behind their Pakistanicounterparts and there is the feeling that once some of the more serious demand from the few Gadani Buyers is satisfied, prices may start to rapidly cool down to some more realistic / reasonable levels.
Meanwhile, there is growing evidence that prices from India & Bangladesh will start to firm again, with increasing enquiries and some higher overall indications / offers on any of the minimal number of units that may be heading the way of these two markets, such is the current form from Pakistan at present.
Overall, following the decline of almost USD 150/LDT seen in the wake of the Coronavirus pandemic, it is therefore expected to be a busier and more bullish fourth quarter of the year.
India is of course still struggling with the third highest case count of Covid-19 in the world and it is becoming an increasingly difficult virus to contain with outbreaks at various ‘as is’ take over locations (including Hong Kong), increasing spikes in Europe once again, and the never ending situation in the U.S.
For week 30 of 2020, GMS demo rankings / pricing for the week are as below.