[Scrap Price] India containerized Shredded Scrap import prices drop

INDIA July 31 2015 9:40 AM

MUMBAI (Scrap Register): Indian containerized shredded scrap import prices dropped in the week ended July 17, while Indian plastic scrap prices on Scrap Register Price Index showed mixed trend.

The major plastic scrap commodities showed a mixed tread on Scrap Register Price Index during the week. The plastic scrap like HD blowing, HD moulding(colour), PVC resin desi, LLDP Blowing are traded up, while acrylic, C.P.W, hips(baff), PVC pest grade showed a down trend.

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According to TSI, containerized shredded index for Indian imports fell by $2 a ton the week to $279 a ton CFR Nhava Sheva port. 

Trades were sparse again this week as market sentiment amongst steelmakers remained depressed. 

Domestic steel demand continues to be weak and a number of steelmakers are expressing concerns that the government is failing to live up to the infrastructure boom promised in February’s budget. 

Alongside lacklustre demand, imported scrap is having to compete with cheaper local material and the continued threat from Chinese billet; although the impact of the latter has decreased slightly after the recent changes to steel import duties. 

Talk of these duties increasing again, however, seems to have evaporated.

(This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to editor@scrapregister.com)