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Indian steel mills in shredded scrap impasse
August 04, 2014 - 06:26 GMT
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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Euromoney Institutional Investor PLC.
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