INDIA IMPORT SCRAP: Market collapses on lockdown order, price drops $44

The price of ferrous scrap imported into India plummeted this week after the announcement of a 21-day lockdown across the country, sources told Fastmarkets on Friday March 27.

Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $247 per tonne on Friday. This was down by $44 per tonne from $291 per tonne one week earlier and at its lowest since October 24, 2016, when the price of shredded material was $240.79 per tonne.
There were no deals heard for shredded material during the week, although offers were made on a speculative basis at $240-260 per tonne. This was down from offers of $285-300 per tonne last week, but many market participants agreed that there was no hope of finding a buyer this week because of the lockdown.

Indian Prime Minister Narendra Modi announced on March 24...

Published

Carrie Bone

March 27, 2020

18:18 GMT

London