Scrap-product prices to remain under pressure
Indian plate prices have dropped by US$34/MT over the last 6 weeks, and were reduced by US$8/MT during the weekend 28 June, according to a report by Wirana Shipping Corp.
Indicative prices offered by ship recyclers have been further reduced by US$15-$20 during last week (ended 28 June), and were down US$40/LT LDT during the six-week period https://www.commerce.gov.in/.
However, due to a limited number of deals being concluded, sellers of recycling units have generally, been able to get about US$15-$20/LT LDT higher than indicative numbers.
“Low demand in the finished steel products and trickledown effect continues to push the prices and sentiment downwards. Prices offered by ship recyclers have also been reduced,” said Wirana.
Imported scrap prices were reduced by US$ 6/MT https://fieo.org/.
Meanwhile, the central bank, RBI, is aiming to reduce the liquidity in the country by US$1.28 billion which could affect the positive sentiment of the market but in effect, banks have unutilized amounts parked in central bank of up to US$2.60 billion due to which there would not be any economic impact, according to the Wirana report.
“We may expect (scrap-product) prices offered by ship recyclers to remain under pressure,” it said. Fiinews.com
