INDIA STEEL SCRAP: Market jitters brings price rally to a halt

The price of containerized ferrous scrap imports into India was little changed this week, ending its six-week rally, following other global markets’ pause in buying activity, sources told Fastmarkets on Friday August 21.

Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India at $309.47 per tonne on Friday, just 17 cents down from $309.64 per tonne one week previous.
Deals were heard done at $305 and $310 per tonne cfr Nhava Sheva this week, one of which was for UK origin material, while the offer level ranged from $305 to $315 per tonne, down from a high of $315-320 per tonne cfr last week.
Most market participants reported a softening on the market this week, of around $5 per tonne, with a further $5 per tonne expected soon, although not all agreed with this.

“The market is on...

Published

Carrie Bone

August 21, 2020

15:26 GMT

London