Prices for shredded and HMS grades of steel scrap imported in containers into India soared upward this week, with the country's domestic finished steel markets enjoying a strong start to the year.
Metal Bulletin's index for Indian imported shredded scrap rose to $374.09 per tonne cfr Nhava Sheva on Friday January 5, up by $22.61 per tonne from the $351.48 per tonne cfr recorded on December 22.The last time that the index was as high as Friday's price was in October 2014.Indian domestic steel markets have been lifted this week by strong buying activity and a 22% rise in iron ore prices charged by state-run producer National Mineral Development Corp (NMDC).Metal Bulletin's assessment for Indian domestic hot-rolled coil (HRC) was 41,750-42,250 rupees...