Plate prices down $7/MT; imported scrap down $7/MT
Indian mills have slowed down output to help some minor improvements in steel prices though the market is maintaining cautious sentiment. Plate prices have been reduced by US$7/MT this week (ended 16 Mar), according to a weekly report by Wirana Shipping Corp https://www.wirana.com/ .
Imported scrap prices have been reduced by US$6/MT during the week but the traders are still not keen to buy tonnages https://worldsteel.org/ .
Scrap prices offered by ship recyclers have also softened by about US$5/LT LDT https://indsteel.org/ .
While the core inflation has been reduced to 3.3%, food prices and energy components have kept overall inflation unchanged over the previous month at 5.09% due to which RBI will likely continue to hold interest rates for a few more months.
“We have seen two vessels being sold this week for Alang, off which one MSC vessel as well as one bulker offered in the market this week achieved higher price than normal since there are hardly any candidates workable in India,” said the weekly report.
“Since there is a slow supply of fresh tonnages for recycling, we would expect prices offered by ship recyclers to continue at the same levels.” Fiinews.com
