Plate prices down $3/MT, imported scrap up by $4/MT
Local steel market is giving mixed signals across its product range, but it is leaning more towards an improving scenario, says a report by Wirana Shipping Corporation.
“The market will get active after the festive holiday season from the coming week, and we should be able to see a proper direction of market,” said the report.
Plate prices have reduced marginally by US$3/MT the week ended 18 Nov 2023, whereas prices of imported scrap have increased by another US$ 4/MT.
Billet prices have reversed the falling trend and have improved by US$5/MT for the week though the sales offtake is low.
Exports of billet are opening, which provide additional sales support and help support prices locally as well.
However, rebar prices have reduced marginally by US$4/MT for the week.
The country’s inflation eased for third straight month.
Reserve Bank of India have asked lenders to increase provisions against personal loans and credit cards borrowing which could hurt consumer spending.
This is a prudent measure for long-term quality of banking assets but can affect the pace of economic growth in short run.
Prices offered by ship recyclers improved marginally and due to low supply fresh tonnages we see some deals where a vessel get higher price than normal.
There is a good possibility that prices offered by ship recyclers could improve and this would become clearer within the next couple of weeks, said the report. Fiinews.com
