INDIA IMPORT SCRAP: Trading still paused but prices hold up on global increases

The price of ferrous scrap imported into India remained broadly stable this week with the country’s Covid-19 lockdown continuing to keep trading at a standstill, but buoyed by increases in other global scrap markets, sources told Fastmarkets on Thursday April 9.

Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $245.19 per tonne on Thursday, little changed from $243.49 per tonne on Friday last week.
India remained under lockdown in order to contain the spread of Covid-19 in the country. Following the announcement of this on March 24, trading came to a complete halt and has not yet resumed.
Despite exemptions being given for the continued production of essential commodities, including steel, logistics in the country have become extremely difficult, with all parts of the supply chain affected.
A lack of available workers has had repercussions for steel mills’ workforces, raw materials deliveries, transportation from ports where material is stranded, as well as the availability of couriers for bank documents.

There have been no deals heard on the market in recent weeks, but offers made this week were heard in the range of $240-255 per...

Published

Carrie Bone

April 09, 2020

18:28 GMT

London