Recyclers drop scrap prices by $5/LT
Indian mills and traders are waiting for “good news” from the re-elected central government on new infrastructure programmes from the budget due later this month (July).
Finance Minister Nirmala Sitharaman has concluded the seventh Pre-Budget Consultation with representatives of trade and services for the upcoming General Budget 2024-25, in New Delhi http://finmin.nic.in .
In the course of the in-person consultations, more than 120 invitees across 10 stakeholder groups, including experts and representatives from farmer associations & agriculture economists; trade unions; education & health sector; employment & skilling; MSME; trade & services; industry; economists; financial sector & capital markets; as well as, infrastructure, energy and urban sector https://indsteel.org/ , participated in the meetings, the Finance Ministry said on 7 Jul.
The re-election of pro-business Prime Minister Narendra Modi-led government in New Delhi is widely expected to accelerated development across the country, “a big hope for the steel industry”, traders said https://worldsteel.org/ .
Furthermore, recent media reports that about 60% of China’s top 10 real estate developers have posted increases in sales revenue in June https://www.fedmin.com/, have raised hopes for the iron ore trade, industry sources said http://csc.com.tw . China is the top market for Indian ore exporters http://mines.gov.in .
Overall, finished product demand was still weak in the Indian market and mills-traders were not convinced by reports of demand pickups in some zones https://www.mysteel.net/ , according to an industry report for the week ended 6 Jul.
With no major government announcements just yet, there are limited signs of improvement in steel demand anytime soon, according to the report by Wirana Shipping Corp https://www.wirana.com/ .
There was hardly any vessel circulated in Alang ship breaking yard during the week https://globalmaritimehub , which forced recyclers to drop their scrap offers by US$5/LT LDT (Light Displacement Tonnage), said the report.
“Considering the low supply of tonnages for recycling, prices offered by ship recyclers are likely to get softer,” said the report.
Local plate prices dropped by a USD8/MT whereas local scrap prices dropped by USD 15/MT this week. Fiinews.com
