Imported scrap up by $4/MT
The Indian government is working towards an interim trade deal with the USA to reduce its proposed tariffs to less than 20%, says a weekly steel report by Wirana Shipping Corp https://www.commerce.gov.in/.
Despite a weak price outlook in the domestic steel market, Wirana reported US$5/MT increase in plate price during the week ended 12 July https://www.bseindia.com/.
Local scrap prices also improved by US$2/MT and imported scrap prices rose US$4/MT the week https://www.nseindia.com/.
However, local finished steel product prices as well as billet prices have been under pressure due to increased inventory levels, according to the report https://fieo.org/.
Overall, the supply of tonnages for recycling continues to be slow and LNG vessels were being sold at Alang to fill gap. “Due to the limited supply of recycling vessels, we see that LNG vessels sold this week got a much higher price than market levels,” said the report https://sbi.com.in/.
“We would expect prices offered by recyclers to continue at the same levels,” said the report. Fiinews.com
