The volatility in global steel prices is being reflected in the prices being offered by the end buyers as they witnessed some correction in India while the offers from Bangladesh and Pakistan remained stable. This week saw a significant improvement in offer prices from Turkey as the need to secure tonnage increased in the regional market.
The European Commission proposals for revisions to the EU’s rules on Waste Shipments states that the waste exports to non-OECD countries will be restricted and only allowed if third countries are willing to receive certain wastes and able to manage them sustainably whereas the waste shipments to OECD countries will be monitored and could be suspended if they generate serious environmental problems in the country of destination.
Oil prices dipped this week on signals that supply constraints would ease soon as U.S. and China are expected to announce a release from their Strategic Petroleum Reserve.
Iron ore price falls to 18-month low dragged down by a dismal demand outlook for steel products and raw materials in China and higher output from producing nations.
Ocean freight rates from Asia to the West are easing and carriers are offering significant discounts as the traditional slack season kicks in, but prices are likely to stay well above the norm due to port congestion, low inventories, and still-elevated consumer demand.
Offer prices from Alang have significantly softened this week as the steel plate prices fell by about USD 15-20/MT. This drop in prices has alerted the end buyers of Pakistan and Bangladesh and they are keeping a close watch to access the future demand outlook.
The European Union has imposed tariffs on imports of cold-rolled flat stainless-steel products from India and Indonesia after an investigation found they were being sold at artificially low prices.
The Finance Ministry has imposed Anti-Dumping Duty on steel imported from Singapore and Cambodia.
The prices remained stable as the lack of tonnage ensures competitive bidding from buyers, but the global drop in scrap prices and corrections witnessed in India is making the buyers cautious of the future demand prospects.
Imported steel scrap prices dip amid weaker demand sentiment across Asia.
Steel mills have actively restocked since winter is the most preferred season for rebar consumption.
The demand for tonnage and the prices being offered remains stable as the domestic demand for scrap metal keeps the end buyers motivated.
The State Bank of Pakistan raises key interest rate by 150 basis points to 8.75%. While this upward adjustment in the rate would extend support to the PKR to remain stable against USD and other major world currencies, it may however cause slowdown in economic growth.
The Federal Board of Revenue on Monday notified fixed GST (General Sales Tax) of PKR 153,000/MT on steel bars and other long profiles. The FBR, as per its notification, imposed PKR 131,000/MT on steel billets, PKR 126,000/MT on Steel ingots/bala, PKR 126,000/MT on ship plates, and PKR 119,000/MT on other re-rollable iron, and steel scrap.
The demand for tonnage in Aliaga has pushed the prices by USD 30/LDT as the yard owners are bidding competitively to secure any available unit in the demolition market.
Turkish central bank cut its key interest rate again by 100 basis points from 16% to 15% but said it would consider ending the easing cycle from December amid a weakening currency and worsening inflation outlook. The Lira crashed to a fresh all time low after staging a feeble rally overnight ahead of the rate cut. It is currently trading at TL 10.95/USD.