Trading activity in the Indian import scrap market will only pick up again if prices drop by at least $10 per tonne, market sources told Metal Bulletin on Friday April 6.
Disappointing domestic finished steel prices and uncertainty over the Section 232 import tariffs on steel in the United States have caused consternation in the Indian scrap markets during recent weeks. Sources said that prices would have to move down further to give consumers the confidence to buy imported scrap."People will be back in the market within two weeks. Bangladesh is quiet, Pakistan is also not very active, so Indian prices could fall by $10-15 per tonne," one seller said."I hope that, if prices go down, Indian buyers come into the market," one consumer said."People want to wait until next week, because they think the Turkish market will come down more. There is lots of pressure in the US...