Indian import scrap prices inch down as buyers step out of market

Prices for shipments of containerised scrap into India nudged downward this week, with buyers staying out of the market, sources told Metal Bulletin on Friday June 2.

Demand among buyers remained poor this week, with many sellers offering material to the market in vain.
“Buying activity is almost non-existent, [with] buyers just waiting and watching,” one seller said.
Large gaps remained between the expectations of buyers and sellers of HMS 1&2 (80:20), as last week, but another contributing factor to low market activity over the past seven days was uncertainty over a significant Indian tax reform.

The Goods & Services Tax (GST), which is expected to come into force by the first day of July, is designed to bring together a host of...

Published

Lee Allen

June 02, 2017

16:55 GMT

London