INDIA IMPORT SCRAP: Trading activity wilts as fears over US tariffs choke market

Trades of ferrous scrap in containers to India have declined sharply this week, amid worries about the knock-on effect of the steel import tariffs being imposed in the United States, sources said on Friday March 16.

Buying activity for shredded scrap in containers was steady at the beginning of the week, and at high prices. Toward the end of the week, activity cooled off dramatically although prices remained firm.
“Nobody is buying. People are scared about what could happen if they take positions and suppliers are not willing to decrease their prices,” according to one trader.
“I get the impression of a softening in the market this week because of a lack of clarity and weaker rebar demand in Turkey,” one consumer said.
“The Indian market is a bit quiet at this time due to all this uncertainty caused by the US sanctions announcement. The major fear is the dumping of excess material into India,” one seller said.

Diversions of steel volumes from countries such as Turkey, South Korea and Japan away...


Lee Allen

March 16, 2018

18:02 GMT