India containerized scrap import prices decline further

INDIA October 21 2014 10:31 AMTweet 
MUMBAI (Scrap Register): India containerized scrap import prices declined further by $16 a ton week-on-week to $366 a ton CFR Nharva Sheva port in the week ended October 10, as per the latest figures released by The Steel Index.

According to TSI, the market remained quiet with no real uptick in terms of volumes procured by mills. Sentiment remains negative as a result of the presence of cheap Chinese material in the market.

There is a feeling, however, that the bottom of the market may be near and mills will consequently jump in to take significant tonnage in the coming weeks. If this eventuates then scrap prices will likely get a boost.