The price of shredded ferrous scrap imported into India rose for the first time in several weeks ahead of the country's national budget but sentiment remained negative, sources told Fastmarkets.
Fastmarkets' weekly index for containerized imports of shredded scrap into India moved up to $316.27 per tonne cfr Nhava Sheva on Friday July 5 from $308.88 per tonne cfr Nhava Sheva a week earlier, which was the lowest price in the year to date. This is the first price rise since May 31 when shredded scrap stood at $330.40 per tonne cfr.Although no deals were reported to Fastmarkets for a second consecutive week, offer prices climbed to $310-325 per tonne cfr from $310-315 per tonne a week ago.One of the main...