Market participants are reluctant to buy and sell imported scrap before India’s general sales tax (GST) comes into force on July 1, 2017
, but they will spring into life after the reform is in place, sources said.
“Buying might only happen after July 1 [because of] the GST,” one buyer said.
“One week after [the GST starts], Indians will have to come back into the market because stocks are very low,” one seller said.
“People must start [buying] after the introduction of GST, [but] until then it will remain slow and quiet,” a trader said.
HMS 1&2 (80:20)
Metal Bulletin’s price assessment for containerised imports of HMS 1&2 (80:20) increased by $5-15 per tonne to $270-275 per tonne cfr Nhava Sheva on Friday, compared with $255-270 per tonne cfr one week ago....