Indian import scrap prices slide on weaker finished steel prices, global market dip

Prices for ferrous scrap imported into India in containers declined this week due to a drop in finished steel prices and a weakening of global scrap markets, sources told Metal Bulletin on Friday September 15.

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...

Published

Lee Allen

September 15, 2017

16:00 GMT

London