Import ferrous scrap markets have improved in India over recent weeks thanks to low scrap stocks at steel mills
and a rebound in the Turkish import market.
“India has come up while international prices have also been increasing. India still needs to catch up to international markets but it is almost there,” one trader said.
“Market sentiment [is improving] and small deals for African and Middle Eastern HMS have been done,” another seller said.
Metal Bulletin’s price assessment for HMS 1&2 (80:20) widened upward by $10 per tonne to $285-310 per tonne cfr Nhava Sheva on Friday from $285-300 per tonne cfr last week.
The rise at the top end of the market was triggered by higher prices paid for Middle East-origin material, which has been gaining in popularity with buyers over recent weeks.