Indian import scrap prices fell dramatically last week amid a large correction in Turkish import prices, but the subsequent price drop recorded this week in Turkey has had little impact in India.
A combination of firming prices on the Indian subcontinent and a drop in Pakistani demand due to softening local billet prices, has led to several thousands of tonnes of scrap being bought by Indian buyers this week.
“The market does not look that weak this week and demand is already there,” one trader said.
“There has been buying in Pakistan, but we have seen more going into India this week,” one British seller said.
Metal Bulletin’s weekly index for Indian import shredded scrap was $367.92 per tonne cfr Nhava Sheva on January 26, down from...
