INDIA July 07 2014 9:25 AM MUMBAI (Scrap Register): India's containerized shredded scrap import prices dropped to below $400 a ton in the week ended July 4th, as per TSI reports.
According to TSI, containerized shredded index for Indian imports fell by 3 a ton week-on- week to finish at $399 a ton CFR West Coast port as the market cooled off a little.
This was probably to be expected given the monsoon season finally kicked off at the beginning of the month, hindering construction activity, whilst the rupee also suffered a slight depreciation against the dollar thus reducing the purchasing power of scrap importers. Scrap was heard purchased from the Middle East, Europe and the US.
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