By Vibin Antony
The containerized shredded scrap prices for Indian imports fell further by $13 a ton to $307 a ton CFR Nhava Sheva port in the week ended February 06, as per the latest figures from the Steel Index.
With global scrap prices falling across the board, led by a capitulation in the US market, India was all too happy to follow suit. Trade was once again thin as cheaper local scrap and billets from China and Russia continued to provide a lower cost route to finished steel.
Scant domestic demand in India has been a major driver for the negative market sentiment currently prevalent and it now seems all eyes on the budget presented on the 28th of this month.
On Tuesday, prices of copper and nickel & alloy scrap slightly up , while tin scrap traded down as on Scrap Register Indian Price Index. Plastic scrap prices showed a mixed trend and aluminum, brass, zinc and lead scrap remained flat.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
The containerized shredded scrap prices for Indian imports fell further by $13 a ton to $307 a ton CFR Nhava Sheva port in the week ended February 06, as per the latest figures from the Steel Index.
With global scrap prices falling across the board, led by a capitulation in the US market, India was all too happy to follow suit. Trade was once again thin as cheaper local scrap and billets from China and Russia continued to provide a lower cost route to finished steel.
Scant domestic demand in India has been a major driver for the negative market sentiment currently prevalent and it now seems all eyes on the budget presented on the 28th of this month.
On Tuesday, prices of copper and nickel & alloy scrap slightly up , while tin scrap traded down as on Scrap Register Indian Price Index. Plastic scrap prices showed a mixed trend and aluminum, brass, zinc and lead scrap remained flat.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)
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