The price of shredded ferrous scrap imported into India fell by $8 per tonne this week due to a poor trading environment, sources told Fastmarkets on Friday November 23.
Fastmarkets' weekly index for containerized imports of shredded scrap into India was $350.53 per tonne cfr Nhava Sheva on November 23. This was down by $8.28 per tonne week on week from $358.81 per tonne cfr on November 16.Offer prices for shredded material were in the range of $340-355 per tonne this week, compared with $355-365 per tonne cfr last week. Two deals were heard done, at $345 and $350 per tonne cfr."The international market is panicking and buyers are staying away from the market," a seller said.Although the Indian rupee continued to gain strength against the dollar this week, the market was subdued by poor sales of finished steel, and...