INDIA June 12 2014 1:32 PM
MUMBAI (Scrap Register): Scrap traders in India are expecting a significant correction in the price of imported scrap into the country this June, with the oncoming monsoon season likely to dampen appetite for material.
A rush to produce more products before the onset of the annual rains may occur, but the monsoon traditionally brings about a significant decrease in production levels at Indian steel mills.
Indian ferrous scrap import prices strengthened further, with the monthly average for May up 3.6% on April. Sentiment was greatly boosted by Modi’s general election victory.