Plate was down $10/MT; scrap dropped $8/MT
The Indian steel market is encountering weaker and cautious sentiment as prices in the global markets are under pressure and local demand for finished products has slowed down during the week ended 18 April 2025.
Local plate prices were reduced by US$10/MT whereas imported scrap prices reduced by US$8/MT, according to a report by Wirana Shipping Corp.
Scrap prices reduced by US$6/MT during the week while traders and mills are restricting their purchases, in anticipation of further softening of prices https://indsteel.org/.
Considering a lower flow of recycling tonnages, one of the vessels was able to secure a higher offer from a ship recycler, said the report. However, that would be more of an exception considering the prevailing local and global steel market position, it added.
In view of the challenging times being faced by ship recyclers for a couple of years, the Gujarat Maritime Board has waived 50% of the fixed charge fee that would be payable by the ship recycling facilities.
“Ship recyclers would be cautious before they make offers for upcoming recycling candidates, and we could expect prices offered by ship recyclers to be under pressure,” said Wirana report. Fiinews.com
