India: Gloomy market sentiments weigh on ferrous scrap import prices

The ferrous scrap market witnessed negative sentiments today due to bid-offer disparities following declining global prices. Moreover, the market is silent at the moment as buyers are preferring domestic substitutes and prices of imported scrap are expected to drop further.

• SteelMint’s bi-weekly assessment for UK/Europe-origin containerised shredded scrap stands at $525-535/t CFR Nhava Sheva, a drop of $10-20/t against the end of last week.
• Assessments UK-origin HMS 1&2 (80:20) are at $480-485/t CFR, stable against last week, SteelMint notes.