The price of shredded steel scrap imported into India and Pakistan moved up in the week to Friday February 12 with sentiment turning positive, sources have told Fastmarkets.
India
Fastmarkets calculated its
steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $415.11 per tonne on Friday, up from $408.73 per tonne one week earlier.
Several deals were heard for shredded material at the start of the week at $410 per tonne, before deals later in the week were reported at $415-420 per tonne. This compared with deals at $410 per tonne the previous week and was up from offers as low as $405 per tonne.
Many market participants were keen to wait until China returned to the market following the Lunar New Year holiday, February 11-17.
"China will come back aggressively to...