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Billet price increase hope flaked away by weakening Chinese demand
Imported scrap prices in India have increased by US$10-13/MT but traders are not keen to place orders due to weak demand for finished products and availability of local scrap, according to Wirana Shipping Corp report for the week ended 13 Jan 2024.
Domestic plate prices fell by US$3/MT during the week.
Prices of billets, which had a small hope the previous week, has flaked away due to weakening in China.
Prices offered by ship recyclers softened by about US$5/LT LDT during the week.
Due to the prevailing weaker steel demand position, the ship recyclers would be cautious in improving prices being offered for new recycling tonnages.
“We would thus expect prices offered by ship recyclers to continue at the same levels,” said the report. Fiinews.com
