Fastmarkets’ weekly price assessment for steel scrap, shredded, index, import, cfr Nhava Sheva, India, was $305.17 per tonne on August 9, down from $308.75 per tonne on August 2. The index was at a 2019 year-to-date peak of $345.50 per tonne on February 15.
One offer was reported at $310 per tonne, while a bid was reported at $305 per tonne, with other estimates as low as $300 per tonne cfr India.
“The steel scrap demand situation in India is very bad. I’ve heard of no deals at all in any scrap grades,” one Indian source said.
“If weak demand persists, steel producers probably won’t have to...