INDIA June 16 2014 10:04 AM MUMBAI (Scrap Register): Indian containerised shredded index CFR broke a seven week run of either stable or higher pricing, finishing at $403 a ton.
India containerized scrap import prices dropped by $8 a ton week-on-week to $403 a ton in the week ended June 13th this year, as per the latest figures released by the The Steel Index (TSI).
The positive sentiment clouding the market dissipated, as a number of factors combined to make the case for a correction in pricing compelling.
Firstly, finished pricing has not kept up pace with scrap pricing, and has even shown falls in pricing.
Additionally, mills are gearing up for the annual cutbacks in production that the monsoon season brings, with construction activity significantly disrupted and scrap in much lower demand.
The large correction in the US domestic scrap market has also given buyers another avenue to argue for lower scrap prices.