The market for containerized ferrous scrap imports into India showed signs of softening this week amid poor scrap demand and weaker local steel prices, sources told Metal Bulletin on Friday March 23.
Market participants shied away from buying imports at a time of uncertainty in the steel markets after no scrap deals were heard in the Turkish deep sea scrap market for the second consecutive week and Indian rebar prices dropped by 1,000 rupees ($15) per tonne week-on-week."We were planning to secure some quantities of scrap earlier this week but, looking at market sentiment, we will postpone our buying," one consumer said."It is deadlock, and everyone is watching and waiting. If you see nothing happening for another week, sellers will start to reduce their offers," one seller said."People are thinking that, because of [the introduction of] Section 232 [import tariffs in the United States], scrap prices will fall," one trader said.The tariffs on steel are expected to increase US scrap prices, but fears of trade dislocations outside the US...