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.

Last week, there was a...

Immediate trigger for crash was new Fed Chairman pick

Gold stocks slump on metal price decline

Is the gold market starting to turn 'irrationally exuberant'?

Gold stocks explode up as equity markets languish

Gold stocks outpace flat large caps