Local rebar prices improved by $24/MT
Price gains made by local steel plate prices in the previous week were fully reversed as prices dropped by US$12/MT this week (ended 13 Aug) although imported scrap prices improved by US$6/MT, according to a report by Wirana Shipping.
Prices offered by ship recyclers continued to be at same levels as last week. Local billet prices remained at the same levels although buyers in the local market refrained from stocking up as they expect prices to soften before the strong demand season sets in expectedly in about 4-6 weeks, said the report dated 14 Aug 20232.
On the other hand, local rebar prices, which had reached a 2-year-low improved this week by US$24/MT as the traders and large contractors moved to restock before the busy season sets in.
However, we need to remember at this point that local demand from the end users (except for large contracting companies) has not strengthened and that is the missing link.
“We would expect prices offered by ship recyclers to continue at about the same levels,” said the report.
Ship recyclers are cautious before committing to a fresh tonnage for two reasons (a) there were comparatively more units circulated recently and (b) local steel market is still not stable, it said. Fiinews.com
