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...