Plate prices down $6/MT, scrap fell $8/MT
The US decision to impose flat 25% tariff on all steel and aluminum imports has negatively affected the sentiments in the Indian market which was just about seeing sings of positivity seeping due to price hike by major steel mills and resulting restocking down the line, according to an industry report https://indsteel.org/.
“Although the US is not major export destination for steel products from India, the local market could likely be affected by diverted shipments,” said the Wirana Shipping Corp report on 17 Feb http://worldsteel.org.
Local steel plate prices were reduced by US$6/MT and local scrap prices reduced by US$8/MT. Imported scrap prices remain unchanged, but buyers prefer local scrap to avoid foreign exchange risks https://fieo.org/.
Prices offered by ship recyclers remain unchanged this week but unless the government announces safeguard duty for steel, the sentiments would be weak and cautious https://www.bseindia.com/.
“While there were not many vessels circulated for recycling this week, we understand that there was one VLCC offered for sale in India after the sale failed in Bangladesh,” observed the report https://www.nseindia.com/.
After having depreciated by 2.60% against the US Dollar since beginning of 2025, the Indian Rupee appreciated by 1% this week due to the intervention of the country’s central bank to the tune of US$11 billion, noted the report.
“This support may not likely continue, which would put local currency (Rupee) under pressure due to expected easing of liquidity and strengthening of US Dollar https://sbi.com.in/.
“While ship recyclers are cautiously looking until the clearing of air around impact of steel tariffs by US, we would expect prices offered by ship recyclers to be under pressure,” the report said. fiinews.com
