Plate price down $7/MT, billet down $5-8/MT
The much-awaited improvement in the Indian steel market activity after festival holidays is still missing, says a report by Wirana Shipping Corp.
Secondary steel mills have enough inventories and with low demand of steel from construction industry, it seems difficult that there would be any immediate positive change.
Plate prices have been reduced by another US$7/MT for the week ended 25 Nov whereas imported scrap prices have further increased by US$ 5/MT.
Billet prices have been reduced by US$5-8/MT.
Indian mill’s billet export market has opened in terms of prices and demand increase for now.
“We have been seeing contrasting price and demand trends in local and imported materials for the past 2-3 weeks,” said the Wirana report.
While local steel prices are under pressure, imported scrap prices as well as export demand are improving.
Ship recyclers are disheartened by the state of the local steel market and their sentiments have turned softer.
Prices offered by ship recyclers have softened by US$10/LT LDT.
Given weak steel demand locally, prices offered by ship recyclers for fresh tonnages may remain under pressure. Fiinews.com
