Indian shredded scrap prices fall $12 as Turkish weakness halts activity

Prices for shredded scrap arriving in containers in India fell by $12.09 per tonne this week as a softening in Turkish scrap prices led to a halt in Indian import market activity, market sources told Metal Bulletin on Friday March 24.

Metal Bulletin’s index for shredded scrap closed at $302.04 per tonne cfr Nhava Sheva on Friday, compared with $314.13 per tonne cfr one week ago.
Although trades of shredded scrap took place at the start of the week, the dramatic Turkish price fall reported on Monday led to buyers staying away from the market during the middle and end of the week.
UK-origin material was sold at $313-315 per tonne cfr Nhava Sheva at the beginning of the week, while bids and offers at the end of the week were heard at $290-295 per tonne cfr.

“Nobody is interested in buying anything and markets will go further down – not a...

Published

Lee Allen

March 24, 2017

17:33 GMT

London