India containerized Shredded Scrap import prices edge up; Scrap Copper, Nickel remain unchanged

INDIA March 09 2015 2:45 PM
MUMBAI (Scrap Register): Indian containerized shredded scrap import prices edged up last week, while aluminium, brass, copper and nickel scrap prices were traded down.

As per The Steel Index, containerized shredded scrap prices for Indian imports edged up by $2 a ton to $285 a ton CFR Nhava Sheva port in the week ended March 06.

Sentiment has been mixed after the unveiling of a budget that was largely disappointing for the steel-making industry. The scrap import duty remains at 2.5% and the reduction of the special import duties from 4% to 2% flatters to deceive and in practice is likely to make very little difference.

Import duties on finished steel have risen from 10 to 15% which should improve domestic demand; however some confusion still remains on when these will come into effect.

Buying continued at the healthier levels seen in the past couple of weeks as inventories continued to be restocked.

The uptick in scrap prices may well be a reaction to the rebound in the Turkish market and it will be interesting to see where the market settles after the changes from the budget have been absorbed.

As per Scrap Register Price Index, aluminium, brass, copper and nickel scrap were traded down last week, while lead, zinc, plastic and plastic resin traded almost unchanged.