Globally billet prices seen under pressure
Prices of steel finished products increased by about US$8/MT in India as at the week ended 28 Feb, according to a market report https://www.commerce.gov.in/.
Local steel market showed a clear positive direction this week as demand from across steel market segment sizes were good, said the Wirana Shipping Corp report https://www.bseindia.com/.
While local steel prices increased by a marginal US$2/MT, it is important to note that this marginal increase reversed a reducing price trend since beginning of February https://www.nseindia.com/.
Local scrap prices increased by USD 6/MT this week whereas imported scrap prices increased by US$3/MT worldsteel.org.
However, by 28 Feb, billet prices came under pressure globally including India, leaving the market with uncertain trends for this month, according to an industry report https://sbi.com.in/.
Prices offered by ship recyclers were at same levels during the week though there were hardly any workings deals concluded in Alang to cross check. It is likely that ship recyclers will watch the market movements for another week or two before they can improve offers https://indsteel.org/.
“We would expect prices offere d by ship recyclers to offer prices at the same levels with a possibility of marginal firming up over the next couple of weeks if the local steel demand is sustained,” said Wirana. Fiinews
