The increase to offer prices for both shredded and HMS-grade imported to India caused a stand-off between buyers and sellers, with little business taking place.
“Nobody is interested as the gap between buyers and sellers is too high. We are not prepared to pay these prices,” one buyer said.
“Buyers and sellers are a pretty long distance apart. It’s very tough right now,” a seller said.
Both the high volume of scrap buying in Turkey over recent weeks, and the price increases which have taken place as a result, have exerted great pressure on prices for material imported to India.
As they did in Turkey, Indian import scrap prices started the year strongly before collapsing in mid-January then bouncing back over the past two weeks.
“Most buyers were caught off-guard by the recent turnaround in...