The price of ferrous scrap imported into India moved upward on Friday May 15 with sentiment becoming more positive while production slowly restarts in the country, sources have told Fastmarkets.
Fastmarkets calculated the
steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $265.50 per tonne on Friday, up from $257.98 per tonne on May 7.
Despite trade activity remaining on pause due to the Covid-19 pandemic lockdown in some areas, market sources reported offers for material at $260-270 per tonne this week, up from $255-265 per tonne last week.
Earlier this week, an economic package announced by Prime Minister Narendra Modi was positively received by most market participants. The full details of what was included have still to be announced by the country's ministry of finance, but the construction and infrastructure sectors expected a boost which would support steel demand.
"There is uncertainty about demand levels, the reopening of the economy, liquidity issues and stock-on-hand, so there are no inquiries for scrap just yet," a buyer said. "There isn't too...