The price of shredded ferrous scrap continued to recover this week with prices moving up for the second consecutive week, sources said on Friday March 15.
Fastmarkets MB's weekly index for containerized imports of shredded scrap into India was $335.29 per tonne cfr on March 15, up from $331.38 per tonne cfr on March 8.The recovery comes after the index had fallen by $11.11 per tonne week on week to $328.33 per tonne cfr on March 1 due to a market correction following negative sentiment and a drop in Indian finished steel prices.This week several deals for shredded material into India were heard at $335 per tonne and $337 per tonne cfr Nhava Sheva, up from $330 per...