The price of shredded ferrous scrap imported into India fell by $11 per tonne this week following deals done at lower prices, sources told Fastmarkets on Friday March 1.
Fastmarkets' weekly index for containerized imports of shredded scrap into India was $328.33 per tonne cfr on March 1, down $11.11 per tonne from $339.44 per tonne cfr on February 22.Deals were heard for shredded material into India at $320 and $325 per tonne cfr, with offers having been at $335-345 per tonne cfr last week. This was the second consecutive drop in prices, in line with market participant expectations that there would be a downward correction to the higher prices, which they viewed as unsustainable. The negative sentiment was also linked...