Plate prices improved marginally by $1/MT
India’s safeguard duty of 12% has resulted in 47.7% y.o.y. reduction in steel imports from China in the months of April & May, according to an industry report http://worldsteel.org.
The overall car sales in the month of June are down by a significant 6.40%, which shows a weak consumer sentiment, added the report by Wirana Shipping Corp for the week ended 5 July.
India has also toughened its stance with the USA on trade deals but continued to work on securing a mutually beneficial agreement in view of the higher tariffs proposed by Washington https://www.conexpoconagg.com/.
Prices have marginally stabilized in the local steel market even though demand continues to be weak. Plate prices improved marginally by US$1/MT and local scrap prices also marginally improved by US$2/MT.
Imported scrap prices reduced by USD 2/MT. However, neither the steel mills nor the traders are interested in stocking materials now due to weak demand across all steel products https://www.nseindia.com/.
“There were limited number of vessels that were circulated this week even as ship recyclers remain keen to procure fresh tonnages for recycling https://www.bseindia.com/.
“The market is expected to continue at the same slower pace in the next few weeks after which we could expect it to start gathering pace,” said the report. Fiinews.com
