Prices for shredded steel scrap imported into India and Pakistan moved down in the week to Friday March 12 following a correction in the international scrap market, sources have told Fastmarkets.
India
Fastmarkets calculated its
steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $450.83 per tonne on Friday, down from $460.86 per tonne one week previously.
A deal was heard at $450 per tonne this week, down from a deal level at $455 per tonne the week before. Offers were in the range of $445-455 per tonne this week, down from offers as high as $470 per tonne a week earlier.
"It's a stalemate; nothing is happening. As soon as the market starts a correction, buyers go on hold," a seller said.
Purchasing activity was at a minimum this week, partly due to the drop in the international scrap market, as well as a lack of appetite for imported material.
Fastmarkets' daily index for steel scrap, HMS...