Steel prices to remain weak due to Indian festival celebrations
Billet prices in India have improved by US$12/MT this week (ended 23 Sept) based on strong local demand though there was a weakness in local long products during the week.
“The weakness seen this week in some segments could be due to the festival celebration and could also be due to the local currency weakness,” said Wirana Shipping in its weekly report.
Plate prices were reduced by US$12/MT during last two days of the week whereas imported scrap prices were maintained.
“We could expect demand as well as local steel prices to be slightly weaker in the next week due to festival celebrations, but demand should resume by the end of the next week,” said the report.
Prices offered by ship recyclers remained at the same levels this week. “We would expect prices offered by ship recyclers to continue at the same levels this week but could firm up later,” it said. fiinews.com
