Prices for shredded steel scrap imported into South Asia moved upward on Friday April 30, with both India and Pakistan booking material, sources have told Fastmarkets.
India
Fastmarkets calculated its
steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $468.83 per tonne per tonne on Friday, up from $456.50 per tonne one week earlier.
Two deals were heard at $465 and $470 per tonne this week, up from offers of $450-460 per tonne the week before.
The spread of Covid-19 infections in the country
has caused an oxygen shortage, with mills now diverting oxygen to hospitals, resulting in a drop of steel production in some instances.
"The big cities such as Delhi, Mumbai and Chennai are in lockdown [and] the situation is a little bit out of control," a seller said.
"All buyers are taking a back seat [and] there is a tremendous shortage of oxygen....