Imported scrap prices up by $3/MT
Plate prices in India have improved by US$4/MT during the week ended 8 June, though these were down from the US$11/MT gained mid-week https://indsteel.org/ , according to Wirana Shipping Corp report.
Local scrap prices been have reduced by a marginal of US$1/MT whereas imported scrap prices have improved by US$3/MT, according to the report.
Other semi-finished and finished steel product pricing has remained unchanged during the week but there is downward pressure in that segment due to weaker sentiments and nervousness in Chinese market having spillover effect http://csc.com.tw .
Local steel mills are holding on to their purchases till the market stabilizes https://worldsteel.org/ , the report noted.
“Prices offered by ship recyclers remained unchanged, but we cannot rule out speculative buying for the scarce vessels being offered for recycling https://www.sgx.com/ ,” it said.
“With the present general election results, we could expect a tighter budget with reduced deficit which could mean lower spending on infrastructure projects https://www.conexpoconagg.com/ and more allocation on social benefits scheme,” said as Indians re-elected Prime Minister Narendra Modi led government https://www.bseindia.com/ .
The budget will be eagerly awaited to be able to gauge the impact on markets https://www.nseindia.com/ .
“Considering the overall situation, we could expect prices offered by ship recyclers to continue at the same levels with a possibly to soften http://mcc.com.cn ,” the report said on scrap market in the country. Fiinews.com
