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Plate prices increased $21/MT; local scarap up by $10/MT
The New fiscal year has brought in price improvements in local steel market starting from finished steel, billet, steel plates and right up to local scrap prices https://www.mysteel.net/ , according to Wirana Shipping report for weekended 6 April 2024.
While this gives a respite after a long spell of weak market, there is still an element of caution amongst the traders as there has been no fundamental change in local market demand drivers except improvement in free cash flows of businesses in the new fiscal year.
Local steel plate https://worldsteel.org/ prices increased by US$21/MT whereas imported as well as local scrap prices increased by US$10/MT.
Ship recyclers https://www.steelindia.com/ have improved their offers by about US$15-20/MT though some would be cautious for a week or two before committing for higher offers, said the report. Fiinews.com
