Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India
, at $317.57 per tonne on Friday, down from $323.20 per tonne one week before.
Buying activity was reduced this week, with just one deal heard on the market for shredded at $320 per tonne cfr, and one firm offer at $315 per tonne.
This was down from deals as high as $325 per tonne heard last week. Offers this week were heard as low as $310 per tonne cfr.
“The market has softened. Turkey is not buying scrap - it’s a stalemate. It’s too early to predict, but there could be a further $5-10 per tonne correction [for Indian scrap prices]. The Pakistan market is moving down also,” a seller said.
The absence from the global market...