SOUTH ASIA STEEL SCRAP: Market rebounds on improved sentiment, tight supply

Prices of shredded steel scrap imported into India and Pakistan have rebounded over the past seven days on tight supply and improving appetite, following a dip the previous week, Fastmarkets heard on Friday June 4.

Fastmarkets' steel scrap shredded, index, import, cfr Nhava Sheva, India, was $509.50 per tonne on June 4, up from $509.04 per tonne on June 1, and up week on week from $495.42 per tonne on May 28.
Two deals were heard at $507-508 and $510 per tonne this week, with offers heard as high as $520 per tonne, up from offers of $515 per tonne one week before.
Prices dipped below $500 per tonne on May 28, linked to a weak Chinese market and a subdued Turkish sector, But by Tuesday this week, prices had moved back to $500 per tonne, linked to a pick-up in the Chinese markets.

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