Indian import scrap market participants will start 2018 optimistic that prices will be supported by both a rise in domestic finished steel demand and a more favorable regulatory environment.
The market suffered a gloomy 2017, with mills largely priced out of import scrap markets and sellers increasingly turning to consumers in Bangladesh and Pakistan instead, but some market participants were more upbeat about prospects for the year ahead. "In the first quarter, there will be less [scrap about] and Northern Europe will still be in winter," so prices are likely to start the year strongly, one Indian trader said.Winter production cuts in China and expected price rises for Turkish rebar could drag up import scrap prices in Turkey and India. "I am very bullish about the first quarter of 2018 in India - we will be able to compete in the international markets," one Indian seller said.He said Indian mills will be able to pay higher prices to secure scrap material because a rise in construction activity will create higher demand for long steel products such as rebar. "The government has several projects including the building of...