Prices for shredded steel scrap imported into the South Asia region inched downward on Friday April 23, with the rise in new cases of coronavirus infection bringing trading to a halt in India, and material being redirected to Pakistan, sources told Fastmarkets.
India
Fastmarkets calculated its
steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $456.50 per tonne on Friday, compared with $457.22 per tonne one week earlier.
No deals were heard on the market this week, with buyers not receptive to offers even as low as $450 per tonne, compared with deals concluded last week at $455-460 per tonne.
Market participants expressed concern about the spread of Covid-19 within the country and the effect this would have on steel production, and on demand for scrap metal.
"There is absolutely...