INDIA June 10 2014 11:50 AM
MUMBAI (Scrap Register): India containerized scrap import prices remained unchanged week-on-week at $411 a ton in the week ended June 6th this year as buying remained strong.
According to TSI, Material was sourced in and around this level from the Middle East and Europe, with a strengthening Rupee/US dollar exchange rate supporting imports.
However, many market participants feel that the scrap market may have reached its peak, with finished steel prices lagging compared to scrap prices and the monsoon season looming.
The low iron ore price is also a concern for Indian mills, with cheap international imports of finished steel providing a threat to sales going forward.