India's import ferrous scrap markets have continued their strong start to the year with prices for containerized material rising amid continued good demand and reduced volumes being offered for sale, sources said on Friday February 16.
Prices in the key Turkish import scrap market increased this week, which served both to help sentiment in India, and to create caution among sellers when considering whether to do business at current prices."Most suppliers are holding material [back], anticipating further price increases after the Chinese [lunar new year] holiday. But Indian mills are quite okay in terms of stocks for the month of March," according to one seller."I don't see much scrap floating around and people are not falling over each other to sell," one trader said."Pakistan is back in the market this week, and they always follow the Turkish prices closely," another trader said.Metal Bulletin's weekly index for containerized imports of shredded scrap into India was $378.75 per tonne cfr Nhava Sheva on February 16, up by $10.23 per tonne from $368.52 per tonne cfr...