Fastmarkets calculated its steel scrap, shredded, index, import, cfr Nhava Sheva, India
, at $468.83 per tonne per tonne on Friday, up from $456.50 per tonne one week earlier.
Two deals were heard at $465 and $470 per tonne this week, up from offers of $450-460 per tonne the week before.
The spread of Covid-19 infections in the country has caused an oxygen shortage
, with mills now diverting oxygen to hospitals, resulting in a drop of steel production in some instances.
“The big cities such as Delhi, Mumbai and Chennai are in lockdown [and] the situation is a little bit out of control,” a seller said.
“All buyers are taking a back seat [and] there is a tremendous shortage of oxygen....