Prices of ferrous scrap imported into India have risen for the third consecutive week following a spike in trading activity ahead of the forthcoming Diwali holiday in the country, sources told Fastmarkets on Friday October 25.
Fastmarkets' calculation of the steel scrap, shredded, index, import, cfr Nhava Sheva, India, was $268.23 per tonne on Friday, up from $261.17 per tonne on Friday one week ago.Deals for shredded material into India this week were heard at $268 and $270 per tonne, up from $255-265 per tonne last week. "There is strong positive sentiment and prices should hold for a bit at these levels," a buyer said.With Diwali, one of the biggest Indian festivals on the calendar, taking place this weekend, many expected...