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Imported scrap up by $5/MT, says Wirana report
As product prices came under pressure during the week ended 18 May due to slowing in demand, secondary mills in India have decided to wait before restocking, according to Wirana Shipping Corp https://www.wirana.com/ .
Local scrap prices were down by US$5/MT during the week, but imported scrap prices https://indsteel.org/ improved by US$5/MT. Buyers were not keen to purchase, said the report.
“We have seen some exceptional and very aggressive / speculative offers being submitted by ship recyclers – higher by about US$20/LT LDT for a recent container vessel which was mainly due to low availability of fresh tonnages https://steel.gov.in/ ,” the report said.
Some big spending announcements on infrastructure developments https://www.conexpoconagg.com/ are expected after the General Elections by the in-coming government as a follow on to the current interim budget, according to the report. Fiinews.com
