Indian import scrap markets achieved their highest prices for more than three years a fortnight ago
, but the market undid those gains after a sharp decline in buying activity in Pakistan.
Metal Bulletin’s index for Indian import shredded scrap dropped to $371.63 per tonne cfr Nhava Sheva on January 19, down by $8.82 per tonne week-on-week from $380.45 per tonne cfr.
“Not only [in] India, but [prices in] Pakistan and Bangladesh have fallen,” one seller said.
“There is no buying in Pakistan and I am not sure why....