INDIA IMPORT SCRAP: Market halts trading after Turkey price fall

Prices for ferrous scrap imported into India moved down this week after a sudden drop in Turkish scrap prices midweek had a knock-on effect, sources told Fastmarkets on Friday September 20.

Fastmarkets’ weekly price assessment for steel scrap, shredded, index, import, cfr Nhava Sheva, India, was $256.82 per tonne on Friday, down from $262.71 per tonne one week ago. At the start of the week, deals for shredded material were heard at $260-265 per tonne, but following the near-$10-per-tonne drop in Turkish scrap pricing on Wednesday, these prices were described as “unworkable” by one source by Thursday. Trading into India halted temporarily and offer prices dropped in response, falling to $250-260 per tonne. Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey, was $226.42...

Published

Carrie Bone

September 20, 2019

18:00 GMT

London