Wednesday, Aug 10,
Imported scrap prices in India moved up by $ 10-15/MT on
1) Shortage of Sponge Iron in the market
2) Higher steel prices
3) Rising scrap prices in the domestic market
Offers surged upwards over the past week as traders raised their offer prices, with mills paying up for the shredded material.
Shredded material in containers is being offered at $510-515/MT CFR Nhava Sheva/Chennai, up from the previous traded price of $495-500 CFR in late July.
“There is a good demand from Ingot manufacturers based in western part of India, specially Mumbai, Goa & Gujarat., said a scrap trader based in Mumbai.”
Most of the sponge iron manufacturers have shut their plant after the Supreme Court banned mining activities in Bellary. This has boosted the demand for scrap in the market and a shortage has been created. However, it will be difficult to say if prices will sustain at these levels, he added.
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