But certain market sources said that the market could stop rising over the next seven days, with Indian finished steel prices struggling amid a drop in Chinese rebar prices and worries over the implementation of US import tariffs.
Metal Bulletin’s weekly index for containerized imports of shredded scrap into India was $398.63 per tonne cfr Nhava Sheva on March 9, up by $6.80 per tonne compared with $391.83 per tonne cfr last week.
Deals were heard at $390-405 per tonne cfr Nhava Sheva from the UK and Europe during the week, including transactions for 2,000 tonnes, 1,500 tonnes and 1,000 tonnes.
Mills in the Asian country were keen to secure supplies of shredded scrap, particularly given the tightening in supply which has developed over recent weeks, sources said.
“No mill has stock - everyone is still buying hand-to-mouth,” one buyer said.
“There is not much...