Scrap prices have increased by $13/MT, plate up by $7/MT
Indian steel traders are trying to focus on exports to counter the slow movement in domestic steel market, according to a report by Wirana Shipping Corp.
Weak demand for finished steel products still shadows price increases seen in the Indian steel market where plate prices have increased by US$7/MT, imported scrap prices increased by US$13/MT and billet prices increased by US$4/MT.
Ship recyclers have improved their prices by US$5/MT this week (ended 9 Dec). It must be noted that as an exception, there is always a possibility of a higher price being achieved by some vessel by someone willing to take a position, speculate in desperate need for tonnage (as they say, one swallow does not make a summer).
The Reserve Bank of India has signalled that there may not be a rate cut anytime soon but they will not tighten liquidity situation as well.
“Unless the finished steel market improves, we may not see any major price change. “Thus, we expect prices offered by ship recyclers to continue at about the same levels for now,” said the report. Fiinews.com
