Imported scrap price down $5/MT
The cautious sentiments in the Indian steel market are running high despite a safeguard duty of 12% levied to protect domestic industry from imports of Non-Alloy and Alloy Steel Flat products, hot rolled coils, sheets & plates as well as cold rolled coils and sheets http://worldsteel.org.
The safeguard duty is effective for 200 days unless amended or revoked earlier. However, despite a feeling of optimism that the safeguard duty brought in, there is no impact on market in terms of price or demand increase, according to a weekly report by Wirana Shipping Corp.
India has been prioritized for trade negotiations by the US due to India’s strong growth position (economy poised to grow at 6% pa despite global recessionary fears) and this has resulted in strengthening of the local currency this week along with other improvements in stock markets, noted the report https://fieo.org/.
Local scrap prices were reduced by a marginal US$1/MT while imported scrap prices were down by US$5/MT.
On ship recycling front there has been an improvement in the number of units being circulated for Alang and there is active and cautious interest being taken by ship recyclers and they continue to offer prices at the same levels despite the global depressive mood prevailing in the steel market, said the report for the week-ended 25 April 2025. Fiinews.com
