MUMBAI (Scrap Register): Indian containerized shredded scrap import prices plummeted during week ended September 11, while Indian aluminium scrap prices on Scrap Register Price Index remained almost stable.
According to TSI, containerized shredded index for Indian imports fell by $9 a ton to $232 a ton CFR Nhava Sheva port. This was largely as a result of international trends, with the market flooded with material and mills forcing suppliers to drop their prices.
Currency depreciation is also a key issue, with buyers having to pay more Rupees to buy the same volume, meaning US$ values have to decrease.
As per the Scrap Register Price Index, scrap prices for aluminium accessories, aluminium ingots, aluminium rod company, aluminium rod local, aluminium sheet cutting, aluminium utensil, aluminium wire traded flat during the week.