Prices for shredded steel scrap into India and Pakistan continued to rise in the week to Friday May 21, despite a souring of market sentiment, sources told Fastmarkets.
India
Fastmarkets calculated its
steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $517.88 per tonne on Friday, up from$510.55 per tonne one week earlier.
One deal was heard at $515 per tonne this week, compared with a deal level of $510 per tonne last week. Offers this week ranged from $510-525 per tonne, slightly up from last weeks offer level of $500-525 per tonne.
Steel production and domestic scrap processing continues to be
hampered by the diversion of oxygen supplies to hospitals due to the Covid-19 situation in the country.
Turkey meanwhile, continued to purchase ferrous scrap at prices over the $500 per tonne mark this week.