INDIA IMPORT SCRAP: Market slumps on continued inactivity, global weakness

The price of containerized ferrous scrap imports into India slumped further this week due to the continued lack of trading under the lockdown conditions in the country, as well as a drop in the global scrap markets, sources told Fastmarkets on Friday May 1.

Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $259.38 per tonne on Friday, down from $269.13 per tonne one a week earlier.
Although no deals were being heard, with the country in lockdown because of the Covid-19 pandemic, some sources were offering material at $255-265 per tonne, down from $255-280 per tonne last week.
Since the lockdown was introduced in India in March, then extended until May 3, and despite steel being classed as an essential service, trading has been heavily affected by a lack of available workers at steel mills, as well as a lack of couriers to transport bank documents and to make raw materials deliveries.

From April 20, local areas have been allowed to ease the restrictions depending on their levels of infection. But ports such as Nhava Sheva and Mundra have been declared "red zones," and material there has...

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