INDIA IMPORT SCRAP: Shredded prices fall again as buying activity stalls

Prices for shredded scrap imported into India in containers fell for the second week in succession as buyers deserted the market with the beginning of the country’s religious holiday season, sources told Metal Bulletin on Friday October 6.

“All of the buyers are away from the market as it is the festive season, which is more or less a holiday,” one seller said. “Maybe they will come back in two weeks’ time.”
Low demand in the market meant that Metal Bulletin’s index for containerised shredded scrap imports into India fell to $311.90 per tonne cfr Nhava Sheva on Friday, down by $5.29 per tonne week-on-week.
The Hindu religious festival of Sharad Purnima took place on October 5, while the Diwali festival of light will be celebrated on October 18.

“Diwali is coming around and people are reluctant to buy any cargoes, as they must do their accounts before Diwali,” one...

Published

Lee Allen

October 06, 2017

15:24 GMT

Krems (Austria)