India scrap prices move up in slow market before new tax regime

Import prices for ferrous scrap in India have increased over the past week despite limited trading activity before the announcement of a decision on reform of the country’s tax system, sources told Metal Bulletin on Friday June 30.

Market participants were reported to have made a few deals for small quantities of scrap before India’s goods and services tax (GST) comes into force on July 1. Demand is expected to recover over the following week, as mills have limited volumes of material and they need to restock, according to market sources. “The Indian market is very slow. Buyers are waiting for the GST to be implemented on July 1 [and] buying will surely become...

Published

Maria Tanatar

June 30, 2017

17:50 GMT

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