India containerized Shredded Scrap import prices gain significantly

INDIA May 09 2016 3:03 PM    

MUMBAI (Scrap Register): India  containerized shredded scrap import prices gained significantly by $25 a ton  week-on-week during the week ended April 15, while India's major plastic scrap  prices on Scrap Register Price Index remained down.

According to TSI,  containerized shredded index for Indian imports rose by $25 a ton to finish the  week at $263 a ton CFR Nhava Sheva port.

Indian mills were returning to  the European market, which in turn could provide competition for scrap.  Participants believe Indian stocks could run out around May/June, so as a result  of the basis lead time between purchase and delivery, they need to adhere to the  new prices.

A trader in the US said Indian mills were  not back in the market yet, however, as it was a holiday in parts of the  country. Moreover, there was also unsold material sitting at Chennai port, which  could divert some import demand, he added.

The major plastic scrap  commodities remained lower on Scrap Register Price Index during the week. The  plastic scrap commodities like ABS(bayr), Acrylic, API, C.P.W, HD Blowing, HD  Moulding (Colour), LLDP Blowing, PVC pest grade and PVC resin desi traded down  during the week.