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...