MUMBAI (Scrap Register): The monthly average of prices for containerized Indian shredded imports plummeted by $24.05 a ton to $242.20 a ton CFR Nhava Sheva port in August, said The Steel Index.
Prices were predominantly flat throughout the month as demand for imported scrap remained weak. Prices did, however, display a small uptick mid-month, but this was thought to be as a result of higher international scrap offers as opposed to any structural uptick in demand in the country.
The presence of imported billets served once again to dam-age sentiment in the market, which was only intensified with the news of the Yuan devaluation.
Concurrently, the ongoing weakening of the Rupee against the US Dollar has meant that imports are increasingly more expensive for Indian mills, making the domestic market a much more attractive alternative.