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Indian steel mills in shredded scrap impasse

August 04, 2014 - 06:26 GMT Location: New York

KEYWORDS: India shredded scrap imports , India shredded scrap price

Indian steel mill imports of shredded scrap came to a standstill this past week following a huge divide in bid and offer prices.

Exporters and importers said the situation is likely to continue for at least another week, with buyers seemingly uninterested in chasing scrap amid a weak product environment. A softening Indian rupee and a seasonal drop in steel production rates and finished product demand has sent Indian domestic steel prices down, leading Indian buyers to bid $380-390 per tonne cfr Nhava Sheva for shredded scrap imports, market participants said. Meanwhile, US and European exporters refused to lower offer prices from $400-405...

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