INDIA IMPORT SCRAP: Shredded offer prices drop $5 on low trading activity

Prices for containerized shredded scrap imported into India have fallen by around $5 per tonne this week with a continued freeze in trading activity, market sources told Metal Bulletin on Thursday March 29.

Indian steel markets have been affected by low Chinese steel prices and the imposition of import tariffs by the United States in recent weeks, and uncertainty over the future direction of the global steel markets has constrained activity in the scrap markets.
In addition, India’s financial year ends on March 31, meaning that several market participants have been busier this week with book-keeping than trading scrap.
“It’s a year-end for us - there are no buyers and we are sitting tight. It is not a question of pricing right now, because we’re not getting any bids,” one seller said.

“India has been out of the import market due to the low demand and falling prices. Financial...

Published

Lee Allen

March 29, 2018

17:08 GMT

London