Demand for finished steel such as construction grade is still looking strong
Indian steel plate prices have dropped by US$6/MT for the week-ended 9 Sept which reverses an increasing pattern seen for the previous two weeks, according to a Wirana Shipping report.
Imported scrap prices were at the same level this week.
Local steel demand for finished steel, especially construction grade is still looking strong, which is encouraging but since a lot of present offtakes are also on account of restocking, an element of caution continues to prevail in the market.
A continuous strength in demand from steel mills in the next couple of weeks would be important.
Prices offered by ship recyclers improved by about US$5-10/LT LDT despite a marginal drop in local steel plate price this week.
At a recent general body meeting of SRIA The Ship Recycling Industries Association – India (SRIA) has recently passed a resolution that Ship recyclers should not accept any new MOA terms by which “huge amount of money can be claimed by sellers against the recycler for any accidents, defamation and other situations including loss of reputation during operational procedure”.
It was also unanimously agreed that SRIA will come out with a standard MOA which should be used by all its members when purchasing a ship for recycling. With reference to the market and pricing for new tonnages, ship recyclers are cautiously positive, and we expect that prices offered by them for fresh tonnages to marginally improve, said the report. Fiinews.com