Metal Bulletin’s index for Indian imported shredded scrap rose to $380.45 per tonne cfr Nhava Sheva on Friday January 12, up by $6.36 per tonne week-on-week.
“The scrap market is firm in all sectors, with no downside in the near term,” one United States-based seller said.
“The weather is better in Europe, so the offers will be rolling in soon. We will be seeing in February that the scrap prices will rise because there is a shortage in the market,” one Indian trader said.
“The Indians thought that, because Chinese steel...