Indian mills return to shredded scrap imports as demand improves

Steel producers in India this week booked several thousand tonnes of containerised shredded scrap for import as the markets became more optimistic, sources told Metal Bulletin on Friday August 4.

The Indian import scrap markets had been locked in a stalemate for weeks, with large gaps opening up between buy-side and sell-side valuations of material.
But buying activity in the country was boosted this week by an improvement in demand, according to market participants.
“Vessels booked two months ago have now arrived, so people are coming back into the market for material in bulk or containers,” one seller said.
“India is gathering pace,” another seller added.
Metal Bulletin’s index for containerised shredded scrap imports into India was $317.60 per tonne cfr Nhava Sheva on Friday, up by $5 per tonne compared with last week’s $312.60 per tonne cfr.
One deal for 12,000 tonnes was heard at $318 per tonne cfr Nhava Sheva, while 1,000 tonnes of UK-origin material was heard at $315 per tonne cfr.

EU-origin material was...

Published

Lee Allen

August 04, 2017

15:18 GMT

London