Activity has increase in the Indian import scrap market in recent weeks as mills have bought material to bolster their previously low stock levels of the material.
“Demand from factories is picking up as there is huge shortage of scrap locally,” one seller said. “Finished [steel] prices are also improving and sales are picking up with inventories getting cleared.”
Another trader said it would be difficult to find containers as December is a short month.
"There will be a shortage of scrap until the middle of January,” he said.
Metal Bulletin’s index for imported shredded scrap rose to $335.88 per tonne cfr Nhava Sheva on Friday up $2.42 per tonne from last week's $333.46 per tonne cfr.