India containerized scrap import prices decline to 292 a ton in June

INDIA July 13 2017 3:40 PM

NEW DELHI (Scrap Register): India containerized shredded scrap import monthly average prices declined by 1.4 percent to 292 a ton during the month of June this year, according to the latest figures released by the Steel Index.

According to TSI, Indian prices remained flat across the month, despite a number of bulk cargos reportedly being booked for delivery late June and early July. Customs data showed that across May there was not a single bulk cargo imported into India.

Elsewhere, trading in the UAE remained limited due to the ongoing festive season of Ramadan. Bangladesh based mills on the other hand became active in bulk scrap imports, with sources indicating that 4-5 bulk vessels were booked from Europe and Japan in the second week of June.

No deals were reported in the latter half of the month for containerized shredded material. This was believed to be largely due to the new Goods and Services Tax (GST), which came into law as of July 1. As such buyers kept out of the market until the changes came into force.