Saturday, 02 July,
Ferrous scrap prices into India fell this week as buyers remained on the market’s sidelines, looking for direction from other international markets, trading and mill owners.
Offers for shredded material in containers stood at $484-490 per tonne cfr depending on destination port, down from deals at $490-500 cfr Nhava Sheva/Chennai.
Some of the majors reasons sought are
1) Festive season in Turkey, which will reduce the demand and increase the supply of scrap in domestic market.
2) Monsoon season in India which will lead to lower construction activity and hence weak demand for scrap in domestic market.
Edited by: Meghna Verma (meghna@steelmint.com)
Leave a Reply