Steel First’s weekly index for shredded scrap delivered to India closed at $224.43 per tonne cfr Nhava Sheva on July 29, up by $2.94 per tonne from last week’s $221.49 per tonne cfr Nhava Sheva
A tightening of supply for the material was reported by more than one market source.
“When there was a boom in prices a few months ago, people cleared out. Now they are sitting on low stocks,” one seller told Steel First.
But some were unconvinced that the tighter supply would result in higher prices in the market.
“Because of holidays in Europe and the USA, supply is tight. But this will make no difference to the price in India,” a second seller said.
Moreover, Steel First heard of a strengthening in the Pakistani imported scrap market this week.
“The Pakistani market has been...