The price of shredded ferrous scrap imported into India has fallen for a sixth consecutive week to a new year-to-date low, although a potential recovery could be in sight, sources told Fastmarkets on Friday August 23.
Fastmarkets' weekly price assessment for steel scrap, shredded, index, import, cfr Nhava Sheva, India, was $292.71 per tonne on Friday, down from $300.67 per tonne on August 16.There were no offers heard in the market this week at more than $300 per tonne for shredded material. Offer prices for shredded scrap moved down to $290-300 per tonne from $290-310 per tonne last week, but once more no deals heard.The market in India continued to struggle against...