Private mills prefer to hold on to export sales, says Wirana report
Indian steel plate prices have increased by about US$9/MT this week (ending 19 Aug) whereas imported scrap prices have increased by US$10/MT. Local billet prices have been marginally reduced by US$2/MT, according to a report by Wirana Shipping.
However. overall mood is positive in the Indian market and private mills prefer to hold on to export sales instead of pushing out at lower price, noted the report.
Finished steel prices have rebounded though there was a small correction this week as prices had increased too fast.
However, secondary mills are comfortable in restocking though quite a few traders would like to see a more continuous trend of stability before committing to more tonnages.
Importers and ship recyclers are concerned about the recent USD-Indian Rupee exchange trend, noted the report.
Prices offered by Ship recyclers has remained at same levels as last week. With positive sentiments in the market and an expectedly increased demand outlook from September month.
“We would expect prices offered by ship recyclers to improve in coming weeks,” said the report. Fiinews.com
