Prices for containerized shredded scrap imports into India dropped again this week with buying activity remaining low, market sources told Metal Bulletin on Friday May 18.
Metal Bulletin's weekly index for containerized imports of shredded scrap into India was $382.31 per tonne cfr Nhava Sheva on May 18, down $3.63 per tonne from $385.94 per tonne cfr Nhava Sheva last week, and averaged $384 per tonne cfr Nhava Shava during April.Deals were heard for UK-origin material being sold at $385 per tonne cfr Nhava Shava and another for $386 per tonne cfr Nhava Shava.Material was available and offered on the market as low as $380 per tonne cfr Nhava Shava and up to $390 per tonne cfr Nhava Shava.Market participants felt the market peaked when shredded prices reached $390.73 per tonne cfr Nhava Shava on May 4, and a that a price correction of $7-15 per tonne was now needed."It's very quiet. Buyers are waiting. We...