Local billet prices down $12/MT
Strong Indian steel market and strong economic indicators have improved sentiments of ship recyclers, and this is expected to stay for some time. Local steel plate prices improved by US$12/MT the week ended 16 Sept 2023.
Imported scrap prices have reduced by US$6/MT due to lower demand but this could just be a pause and not permanent shift in demand pattern, according to Wirana Shipping report.
Local billet prices have reduced by US$12/MT this week partly due to steep increase seen in previous weeks as well as improvement in supply from mills.
However, the local rebar market is getting stronger and that is a strong positive. India’s local currency could come under some pressure as trade deficit has increased in August due to increased oil prices, higher imports by growing economy and slower exports. Prices offered by ship recyclers improved by about US$10/LT LDT.
Sentiments amongst the ship recyclers is strong. Given the overall good economic situation and strong local steel demand for construction grade steel, we could expect prices offered by ship recyclers to firm up, said the report. Fiinews.com
