INDIA IMPORT SCRAP: Trading pauses on exchange rate falls

The price of ferrous scrap imported into India has continued to fall after changes in exchange rates made imports unviable, sources told Fastmarkets on Friday March 20.

Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $291 per tonne on Friday, down from $297.50 per tonne one week earlier.
There were no deals heard for shredded material in the week, but offers were heard at $285-300 per tonne, down from $290-305 per tonne last week.
Despite some traders offering material, there were no buyers willing to make purchases, due to the weakness of the rupee.

“I have not heard any bids from mills. It looks like they are not interested in purchasing,” a market source told...


Carrie Bone

March 20, 2020

17:30 GMT