INDIA IMPORT SCRAP: Market remains flat on trading standstill

The price of ferrous scrap imported into India was largely stable in the week to Thursday May 7 with trading activity still on hold while a lockdown remained in place for many parts of the country, sources have told Fastmarkets.

Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $257.98 per tonne on Thursday, broadly stable from $259.38 per tonne on May 1.
Although trading remained flat due to the Covid-19 pandemic lockdown in some areas, a few sources were offering material at $255-265 per tonne, unchanged week on week. Others estimated the market price to be as low as $240 per tonne or as high as $275 per tonne, but there were no firm bids or deals to confirm either of these.
“People are talking about how to salvage old deals because nothing has cleared from the ports,” a trader said. “It should start moving this week, and then we can see from the middle of next week how it’s going. But there is no demand; the market is dead.”

Since the lockdown was introduced in India in March, then extended...

Published

Carrie Bone

May 07, 2020

15:28 GMT

London