INDIA May 18 2015 9:35 AM
MUMBAI (Scrap Register): Clarity on the new pre-shipment inspection regulations introduced by India’s Directorate General of Foreign Trade will be the defining factor in how Indian scrap imports fare in May, said The Steel Index.
Even with a degree of clarity restored to the market, a softening of scrap prices is anticipated as the monsoon season draws near.
Semi-finished steel from China continues to offer a cheap, scrap-free route to producing steel rebar, putting further downward pressure on scrap prices.
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This may be about to change, however, as the discussion on raising steel import duties seems to be finally gaining some traction in the Indian parliament.
However, the monthly average for Indian imports of containerized shredded material rose by $8.15 a ton to $295.75 a ton CFR Nhava Sheva port during April.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)