Indian import scrap prices collapsed last week due to a sharp drop in Chinese steel prices and a lack of Turkish buying.
Although the Indian markets this week were unable to reverse last week’s sharp price drops, some modest price gains were seen, with certain sources predicting further rises next week.
Metal Bulletin’s index for shredded scrap imports rose by $7.01 per tonne to $303.22 per tonne cfr Nhava Sheva on April 28, compared with $296.21 per tonne cfr the previous week.
Turkish mills booked four cargoes this week
, and although prices remained largely stable, Indian import scrap prices were boosted by the increased activity in the Turkish market.
“A bit of liquidity has come back in and, [now] that buying is happening [in Turkey, over] the next ten days there will be a bit of upward...