Steel Ministry rejects use of shipbreaking plates for making TMT bars
A positive demand seen in the steel raw materials market from China this week (ended 30 Dec) is bringing in rays of hope for better Indian product prices which have been otherwise trending downward for the past several weeks, according to an industry report.
Local plate prices were reduced by US$6/MT this week whereas imported scrap prices have remained unchanged, says Wirana Shipping Corp report for the weekend 30 Dec 2023.
Local billet prices were down by US$5-10/MT this week which is in line with a slowdown in the rebar market and weakening finished steel prices which were reduced this week by US$7/MT.
In view of a weak finished product market, traders as well as secondary steel mills are buying as per necessity only.
India’s Steel Ministry Committee has rejected use of shipbreaking plates for making Thermo-Mechanically Treated (TMT) bars. There was a hope amongst ship recyclers that if this was approved, it would have given a big boost to demand and plate prices.
Prices offered by ship recyclers were softer this week by about US$10/LT LDT and ship recyclers are willing to give aggressive offers for fresh tonnages.
“We would expect to see a cautious approach being exercised by ship recyclers as the Indian steel demand is not encouraging,” said the report. Fiinews.com
