INDIA SCRAP: Market momentum continues to revive

The price of shredded ferrous scrap imported into India in containers was largely unchanged on Friday May 22, with the country looking to re-enter the market, sources have told Fastmarkets.

Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $266.67 per tonne on Friday, little changed from $265.50 per tonne one week before.
Trading in the country has been almost entirely paused since the country’s Covid-19-related lockdown was put in place in March. But with restrictions now being eased in some locations, more inquiries for material were being heard.
Market sources reported offers of material at $260-280 per tonne this week, up from $260-270 per tonne last week, but no deals were heard.
Some local areas have been allowed to ease the lockdown restrictions depending on their levels of infection, with some factories reopening and restarting production. But a large volume of material is stranded at ports such as Nhava Sheva, which remained locked down, as were many large cities.

“I am not able to talk business because of the shipping line...

Published

Carrie Bone

May 22, 2020

16:40 GMT

London