INDIA July 06 2015 5:24 PM
MUMBAI (Scrap Register): The containerized shredded index for Indian imports fell by $7 a ton last week to $282 a ton CFR Nhava Sheva port.
According to The Steel Index, Indian imported scrap market was once again quiet this week; however the deals that were concluded showed a marked decrease on prices seen at the end of June.
The monsoon continues to hamper domestic finished steel demand, but it is widely believed that even once the rains end demand will remain depressed.
The ongoing flood of Chinese billet into the country, at prices that continue to fall, has made a mockery of the steel import duty rise recently introduced by the Indian government.
Market sentiment shows no sign of improving and most participants are looking towards the back end of Q4 before predicting a recovery.
(This article is compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)