INDIA October 08 2014 9:01 AM
MUMBAI (Scrap Register): India containerized scrap import prices down by $6 a ton week-on-week to $382 a ton CFR Nharva Sheva port in the week ended October 03, as per the latest figures released by The Steel Index.
According to TSI, containerized shredded prices for Indian imports fell as the weight of falling international scrap prices was also felt in the Indian market.
Cheap Chinese billet entering Asian markets has given traders the jitters, with many worried that steel production via melting scrap is simply not competitive in the long term, especially if the billet has the end effect of vastly reducing finished steel prices.
Talk of a bulk scrap cargo being booked into the country the week has also dented sentiment.