India: Ferrous scrap import prices fall on limited market activity

The ferrous scrap market witnessed bearish sentiments owing to high prices for shredded scrap, as per SteelMint reports. The market is mute and only a few deals have been heard. However, it is expected that the market might pick up after Oct’21.

• SteelMint’s bi-weekly assessment for UK/Europe-origin containerised shredded scrap stands at $525/t CFR Nhava Sheva, a decline of $5/t against last week.
• In a recent deal, 1,000 t of UAE-origin HMS 1&2(80:20) was traded at $480/t CFR Mundra.
• UK-origin HMS 1&2 (80:20) stands at $485/t CFR, down by $3/t, while the assessment for UAE-origin HMS 1 is at $487/t, down marginally by $1/t compared to last week, SteelMint notes.