INDIA April 20 2016 11:06 AM
MUMBAI (Scrap Register): The monthly average index for containerized Indian shredded imports rose drastically by $17.35 a ton to $219.75 a ton CFR Nhava Sheva port in March, said The Steel Index.
Indian scrap buying was strong in March, on the back of the introduction of the minimum steel import price. This made Chinese imports less competitive, boosting domestic steel demand and ultimately bolstering scrap prices.
Due to stronger international demand, particularly from Turkish mills, Indian mills were forced to pay more to procure their scrap.
Some containerized demand may have been displaced by the arrival of several bulk cargoes booked in February, but many participants also saw the containerized market as buoyant.
As this is traditionally a period of higher steel demand, the price hikes in recent weeks came as no surprise. Productivity is high as steel end-users ramp up activity before monsoon rains disrupt construction from May onwards.
This article is researched and compiled by Vibin Antony on behalf of Scrap Register. Send in your suggestions and comments to email@example.com)