Indian steelmakers reduced both their buying activity and their bid prices for shredded and HMS 1&2 (80:20) material this week, in line with falling international scrap markets.
Prices for imports of Turkey-origin HMS 1&2 (80:20) have fallen by more than $12 per tonne week-on-week
“Everyone is waiting and watching to see how prices settle. No new container offers have been received yet [so] let’s see [what will happen] next week,” one trader said.
“Prices have declined because of falling demand from steel producers,” another trader said.
The second trader listed five reasons for the drop in demand for scrap. One was the availability of...