INDIA STEEL SCRAP: Market finds its feet as Turkey resumes purchases

The price of containerized ferrous scrap imports into India inched higher over the past week, following jitters in the market last week brought on by Turkey’s scrap-buying hiatus, sources told Fastmarkets on Friday August 28.

Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India at $310.41 per tonne on Friday, inching up from $309.47 per tonne last week.
Last week, the Indian market showed signs of softening after Turkey, the largest buyer of imported scrap, did not purchase any cargoes between August 7 and August 25, knocking sentiment in the global scrap markets.
But Turkey’s return to the market earlier this week revived sentiments in the Indian market and offer prices inched up once more.

Only one deal was heard this week, which was concluded early in the week...


Carrie Bone

August 28, 2020

17:00 GMT