The price of ferrous scrap imported into India continued to dip this week following a substantial drop last week when the country implemented a 21-day nationwide lockdown, bringing trade to a halt, sources told Fastmarkets on Friday April 3.
Fastmarkets calculated the
steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $243.49 per tonne on Friday, down from $247.00 per tonne one week previously.
Indian Prime Minister Narendra Modi announced on March 24 that
the country would begin a 21-day lockdown period to help prevent the spread of Covid-19.
Following this, the price of imported scrap dropped by $44 per tonne from $291 per tonne, reaching its lowest since October 24, 2016, when the price of shredded material was $240.79 per tonne.
There have been no deals heard on the market in recent weeks, with trading coming to a complete halt following the lockdown order.
Offers made on a speculative basis this week were heard in the range of $235-250 per tonne, down from $240-260 per tonne last week. The pre-lockdown offer range was $285-300 per tonne.
Despite exemptions being given for the continued production...