INDIA IMPORT SCRAP: Market continues to stagnate despite government attempts to restart activity

The price of containerized ferrous scrap imports into India inched lower this week while the market continues to grapple with the fallout of the lockdown period in the country, sources told Fastmarkets on Friday April 24.

Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $269.13 per tonne on Friday, down from $272.50 per tonne a week earlier.
Since lockdown was introduced in India in March and extended until May 3 to contain the spread of the Covid-19 virus, and despite steel being classed as an essential service, trading has been heavily affected due to a lack of available workers at steel mills, as well as a lack of couriers for bank documents, raw materials deliveries and transport from ports where material is stranded.
There have been no deals heard in recent weeks, but market sources reported offers and market level estimates to be $255-280 per tonne this week, compared with $260-275 per tonne last week.

From April 20, local areas have been allowed to ease restrictions depending on their levels of infection, but ports such as Nhava Sheva and...

Published

Carrie Bone

April 24, 2020

17:43 GMT

London