Local rebar prices continued to be under pressure
Indian steel plate prices improved by US$10/MT last week and import scrap prices improved by US7/MT, according to a 7 Aug weekly report by Singapore-based Wirana Shipping Corp.
Local billet prices have improved by about US$20/MT this week and billet exporters are holding back their sales in anticipation of price increase, said the report.
However, local rebar prices continued to be under pressure and further reduced by US$5/MT this week due to poor local demand because of which traders are avoiding restocking for post monsoon orders.
In view of lack of finished steel demand, it would need to be seen whether the increase in billet prices and local steel plate prices seen this week are sustainable for secondary steel mills and whether they continue at same levels in coming weeks.
Prices offered by ship recyclers thus continued at about the same levels as there is still an element of caution amongst ship recyclers but given local steel plate increase seen this week, we may see an exceptional deal where some ship recyclers are willing to improve their offers marginally. Fiinews.com
