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...