INDIA April 09 2014 11:03 AM
MUMBAI (Scrap Register): Indian scrap imports showed a strong recovery in March this year, with both volumes and pricing on the rise.
According to TSI, the monthly average for Indian containerized shredded scrap imports rose almost $12 a ton m-o-m, whilst the weekly index finished the month at $383 a ton.
During the first couple of weeks of the month scrap prices into the country decreased as a glut of material from international suppliers came into play. US East Coast recyclers switched their attentions to Indian buyers and began to offer material to the region in light of weak international markets.
Scrap prices were supported by strong demand for finished prod-ucts, with major mills reportedly fully booked with export orders. This in turn increased demand from domestic buyers for finished steel products from other mills.
Prices increased further in the final week of March, with a depreci-ating dollar giving buyers more room for manoeuvre, whilst recy-clers successfully argued that rising international pricing should be reflected in Indian import pricing. Material was seen sourced from the UK, Europe, the Middle East and Canada.