Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India
at $282.25 per tonne on Friday, down from $285.89 per tonne one week previous.
This is the first downward movement since May 7, with most market sources reporting offers for shredded material at $285-290 per tonne, however, offers at $275 per tonne were also present in the market, although no deals were heard this week.
Despite a growing amount of offers each week there has not yet been the resumption of purchasing that market participants had expected, despite the halt on buying from the import market since the lockdown began in March.
Market sources had previously told Fastmarkets they were expecting purchases to resume soon but now confidence is beginning to wane, with mills sourcing material domestically due to its lower...