INDIA IMPORT SCRAP: Prices inch up but sentiment still negative

The price of shredded ferrous scrap imported into India inched up this week following deals done at higher prices from last week but for smaller tonnages, market participants said on Friday January 11.

Fastmarkets MB’s weekly index for containerized imports of shredded scrap into India inched up to $319.24 per tonne cfr Nhava Sheva on January 11, from $318.39 per tonne cfr Nhava Sheva on January 4. Deals for shredded material were heard completed at $315 per tonne, $320 per tonne and $325 per tonne cfr this week. Traders reported that although transactions had been completed, the tonnages being sold were much lower and from closer destinations to reduce their exposure to risk from the volatile market. “The market is weak because of Turkey. There are no buyers because of poor finished sales. Buyers want to take advantage and they are...

Published

Carrie Bone

January 11, 2019

16:50 GMT

London