India containerized Shredded Scrap import prices decline by $25 a ton to $282 a ton

By Vibin Antony
The containerized shredded scrap prices for Indian imports declined sharply by $25 a ton to $282 a ton CFR Nhava Sheva port last as local scrap and sponge iron alongside Chinese and Russian semi-finished material continued to put pressure on scrap imports.

According to TSI, finished steel prices continue to fall while demand is yet to pick up. Despite the large price fall this week most market participants expect to see a further drop in March before we reach the bottom and imports begin to flow a little freer.

With the Indian steel ministry having submitted a proposal to the Finance ministry for the reorganization of steel and raw material duties, rumors abound as to whether the 2.5% duty on imported scrap will remain for much longer.

As per Scrap Register Price Index, aluminium and brass traded almost flat on Wednesday, while copper and plastic showed an up trend. Index for tin, plastic resin, nickel, zinc and lead showed down trend.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)