Plate prices fell $9/MT, scrap up $4/MT
India plans to spend US$10 billion over the next 15 years to build its own fleet of 112 crude carriers for oil imports rather than relying on foreign companies for chartered vessels, according to a report by Wirana Shipping Corp.
“The country’s economic activity improved in May despite uncertainty over Tariffs,” noted Wirana in its report for the week-ended 24 May https://www.shipindia.com/.
Meanwhile, Wirana noted that sentiment in the local market has changed from negative to cautious but the there is no change in the local steel demand http://worldsteel.org.
Plate prices were reduced by US$9/MT whereas local scrap prices improved by US$4/MT during the week ended 24 May. Imported scrap prices continued at the same levels https://www.bseindia.com/.
Local billet prices have marginally softened during the week by about US$1-2/MT https://www.nseindia.com/.
With monsoon season approaching soon, there is less keenness to stock up materials, according to Wirana.
There was an active offering of recycling vessels from the LNG sector which had generated good interestfrom ship recyclers. Lack of available tonnages for recycling is balanced with an expected slow movement in the local steel market, said the report. Fiinews.com
