SOUTH ASIA STEEL SCRAP: Prices down on weaker global markets

Prices for shredded steel scrap imported into India and Pakistan moved down after there was further weakening on the Turkish scrap market and in Chinese futures, Fastmarkets heard on Friday May 28.

Fastmarkets' steel scrap shredded, index, import, cfr Nhava Sheva, India, was $495.42 per tonne on May 28, down from $510.93 per tonne on May 25 and from $517.88 per tonne on May 21.
Indian buyers showed no interest in purchasing material, with no deals heard during the week to Friday. On Tuesday, offers were as high as $515 per tonne, but by Friday buyers were said to be interested only in material at $480-490 per tonne.
One seller told Fastmarkets, however, that it could not offer material for less than $500 per tonne due to the current high freight costs, which made up nearly one-fifth of the price.

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