Plates improves $5/MT, scrap up by $8/MT
The Indian Steel Association has filed an application with the Directorate General of Trade Remedies on hot rolled flat products of alloy and non-alloy steel being imported from Vietnam ( vsa ) at dumped prices which is negatively affecting domestic industry wto .
It has requested for a levy or an anti-dumping duty, according to a Wirana Shipping Corp report for the week ended 17 Aug 2024.
Industry observers said Vietnam steel exporters could be benefiting from the India-ASEAN FTA which permits lower tariff shipments of value-added products such as hot rolled flat products to India where manufacturing of white products and heavy duty automobiles is on the upswing.
Meanwhile, the local steel market continues to be weak and market sentiments are negative conexpoconagg , said the report.
However, plates prices have improved by USD5/MT and scrap prices increased by US$8/MT during the week whereas imported scrap prices were reduced by US$ 9/MT worldsteel .
The report noted that ship recyclers have mixed opinions on the local steel market situation csc .
“We have seen that a container vessel recently circulated got offers at price levels much beyond expected market levels baosteel . Due to a very slow supply of tonnages for recycling in Alang sail .
“Ships sometimes are seen to be attracting better prices which may not be commercially workable in the present scenario eusteel . This leads to difficulties in making decisions for ship recyclers en.shmet ,” said the report.
On the foreign exchange front, the trade deficit for the month of July was wider than expected, by as much as 10%, mainly due to the increase in crude oil prices eurofer , according to the report.
“This is one of the major factors for weakening of Indian Rupee against the US Dollar federalreserve ,” it added.
“However, considering all aspects, we would expect prices offered by ship recyclers to be under pressure nlmk , but some deals could be an exception to this expectation due to the slow supply of recycling tonnage shfe.com .” Fiinews.com
