The cost of containerized ferrous scrap imported into India pared losses in the week to Friday July 10, on lower availability and regular, albeit low key consumer buying, at higher prices, sources told Fastmarkets.
The markets are expected to come under renewed pressure in the coming weeks as steel production capacity utilization is well down from maximum at around 60%, with more steel being punted domestically as some delivery settlements into China have been cancelled."Indian steelmakers are operating at about 60% of their nameplate production capacity and we see that lasting through July," one Indian source said. "The Indian steel scrap market looks steady in the next couple of...