INDIA STEEL SCRAP: Market jumps $15 on surge of fresh bookings

The price of ferrous scrap imported into India in containers jumped by $15 per tonne during the week to Friday July 31 following a flurry of new bookings, sources told Fastmarkets.

Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India at $301.15 per tonne on Friday, up by $15.19 per tonne from $285.96 per tonne a week earlier.
Several deals were heard done this week at $285, $295, $300 and $305 per tonne, of which two were UK-origin material. Offers were as high as $310 per tonne cfr.
This is up from deals of $280-285 per tonne cfr last week and offers between $275-295 per tonne.
A rising Turkish scrap market, the international trendsetter, has swept along other scrap markets such as India and nearby Pakistan with it.

Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey was calculated at $272.09 per tonne...

Published

Carrie Bone

July 31, 2020

16:49 GMT

London