Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India
, at $281.46 per tonne on July 17, up from $279.17 per tonne a week earlier.
No deals were heard on the market this week, although offers were in the range of $275-285 per tonne, up from $267.50 and $285 per tonne last week.
This week, the number of Covid-19 cases in the country exceeded 1 million, with India now enforcing localized lockdowns in places such as Bangalore and Bihar. Infection hot spots were more likely to occur in big cities and industrial towns than in rural locations.
“The Indian market is quiet. There are Covid-19 outbreaks in the industry towns, which means India is off the market....