INDIA STEEL SCRAP: Buying paused after fall in Turkish market

The price of shredded scrap imported into India dipped again in the week to Friday October 2 on negative market sentiment resulting from uncertainty in the Turkish scrap market, sources told Fastmarkets.

Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India at $308.27 per tonne on Friday, down from $ 309.58 per tonne one week prior and the third consecutive move lower on a weekly basis.
There were no deals heard in the market for shredded this week, but offers were heard as low as $295 per tonne and up to $315 per tonne.
This is down from deals at $308 and $311 last week and offers ranging from $305 to $320 per tonne.

“The market has definitely moved down. People are waiting for the international market to correct $10-15 per tonne and then India will be back in the market. Prices in India have bottomed out; there is...

Published

Carrie Bone

October 02, 2020

16:15 GMT

London