The price of shredded ferrous scrap imported into India rose this week, reflecting higher offer prices in the market, but weak demand is damaging sentiment, sources told Fastmarkets MB on Friday November 16.
Fastmarkets MB's weekly index for containerized imports of shredded scrap into India was $358.81 per tonne cfr Nhava on November 16, up from $355.30 per tonne cfr Nhava on November 9.Offer prices for shredded material ranged from $355 to $365 per tonne cfr this week but for a second week in a row no deals were heard.Demand for scrap has fallen this week because of weak finished product sales, which had created "panic" in the market, traders told Fastmarkets."Demand is pretty low because finished...