The price of shredded scrap imported into India moved down this week following a change in sentiment resulting from the absence of Turkey from the global scrap market, sources told Fastmarkets on Friday September 18.
Fastmarkets calculated the
steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $317.57 per tonne on Friday, down from $323.20 per tonne one week before.
Buying activity was reduced this week, with just one deal heard on the market for shredded at $320 per tonne cfr, and one firm offer at $315 per tonne.
This was down from deals as high as $325 per tonne heard last week. Offers this week were heard as low as $310 per tonne cfr.
"The market has softened. Turkey is not buying scrap - it's a stalemate. It's too early to predict, but there could be a further $5-10 per tonne correction [for Indian scrap prices]. The Pakistan market is moving down also," a seller said.
The absence from the global market...