The scrap and steel market continue to maintain an upward trajectory fueled by rising imported scrap prices along with difficulty in movement of goods due to onset of winter season. Moreover, the container rates are increasing since past few weeks amid container shortage or unavailability of containers for certain destinations.
India has witnessed a rise in steel prices by $23/ldt due to which the buyers shied away to make purchases and have adopted wait and watch mode. The price for HMS has increased by $17/mt last week to $395/mt.
The government has cautioned steelmakers against profiteering as the steel prices have hiked by almost 55pc in last six months.
The mills in Pakistan have increased the steel prices backed by rising raw material prices to offset the rising input cost. Shipbreakers are facing gas shortage as the government has directed to supply oxygen cylinders to hospitals to meet the increasing number of COVID-19 cases. Due to this, the cutting activity has come to a halt. The price of HMS has registered an uptick of $31/mt to $416/mt.
The end buyers are in wait and watch mode before making purchases after having witnessed a surge in prices which are above and beyond the normal market price levels. India and Bangladesh ties have witnessed an improvement and scaled up trade and economic engagement.
The steel plate prices in Turkey rose by $20/mt mid strong demand from mills, instilling positive sentiments in the recyclers who are now eager to book more tonnages.
Imported scrap prices continue to remain firm due to limited supply coupled with festive season demand.
In addition, there is complete four-day lockdown in Turkey from December 31, 2020 evening until the morning of January 4, 2021 to curb the spread of COVID-19.