INDIA IMPORT SCRAP: Market subdued on virus fears and freight rises

The price of ferrous scrap imported into India was broadly stable in a lackluster market this week, due to ongoing global fears over the spread of the novel coronavirus (2019-nCoV) and the linked rise in container freight rates, sources told Fastmarkets on Friday February 28.

Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $305.66 per tonne on Friday, up by $2.57 per tonne from $303.09 per tonne one week ago.
Deals for shredded were heard at $305 and $310 per tonne this week, as well as a firm bid at $315 per tonne. This is up from deals done at $290-308 per tonne last week.
Offers were within the same ranges, although one trader told Fastmarkets that offer prices had fallen to $295 per tonne by the time the week ended.

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