India's ferrous scrap market may be more-or-less stable in coming weeks

INDIA March 17 2014 5:50 AM

 

NEW DELHI (Scrap Register): Participants in India are expecting the  ferrous scrap market to be more-or-less stable in the coming weeks, with no great fluctuations anticipated in demand or prices for both raw materials and finished steel products, said The Steel Index (TSI) in a research note.

 

However, there is a feeling that the large spread between Indian and international scrap prices at present has room to shrink, with the expectation that Indian prices will fall to close the gap.

 

Indian ferrous scrap prices remained strong during February this year, with positive sentiment lingering in the market emanating from improved demand for finished steel products. An 8-month high of $385 a ton was reached mid-month, before prices began to decline in line with international price trends.