Fears that the Ramadan religious holiday in Islamic nations will trigger a fall in global scrap prices led to many Indian buyers being unwilling to risk purchasing material at this week’s prices, Metal Bulletin learned on Friday May 19.
Sellers reduced their offer prices for imported HMS 1&2 (80:20) and shredded scrap in an attempt to secure some bookings, but little market activity was heard.
“There’s not much buying [as] buyers expect a [price] correction of $15-20 per tonne,” one Indian seller said. “They might start chasing orders [after the price drop] but, before then, it will be difficult.”
Uncertainty in international markets was another factor making Indian market participants cautious, according to another seller.
“Lots of things are happening around the globe – people [are] not sure which way it...