The price of shredded ferrous scrap recovered this week following a drop of more than $11 last week, sources said on Friday March 8.
Fastmarkets MB's weekly index for containerized imports of shredded scrap into India was $331.38 per tonne cfr on March 8, up from $328.33 per tonne cfr on March 1.The index had fallen by $11.11 per tonne from $339.44 per tonne cfr on February 22 because of a correction that market participants had widely expected given downbeat sentiment that was prevalent at the time as well as a drop in Indian finished steel prices.Prices fell last week for the second consecutive assessment in line with expectations of a downward correction...