Prices of shredded steel scrap imported into India and Pakistan have risen following fresh purchases on the market, sources told Fastmarkets on Friday June 11.
Prices for shredded steel scrap imported into the South Asia region inched downward on Friday April 23, with the rise in new cases of coronavirus infection bringing trading to a halt in India, and material being redirected to Pakistan, sources told Fastmarkets.
India is stepping back from importing ferrous scrap and aiming to become a more self-sufficient steelmaker. But what issues led to this change of tactics and how will it affect global scrap trade flows? Fastmarkets investigates.
SOUTH ASIA STEEL SCRAP: Markets slump on international downtrend Prices for shredded steel scrap imported into India and Pakistan moved down in the week to Friday March 12 following a correction in the international scrap market, sources have told Fastmarkets.
India
A deal was heard at $450 per tonne this week, down from a deal level at $455 per tonne the week before. Offers were in the range of $445-455 per tonne this week, down from offers as high as $470 per tonne a week earlier.
“It’s a stalemate; nothing is happening. As soon as the market starts a correction, buyers go on hold,” a seller said.
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