Ferrous scrap exports to India seen softening

Nov 20, 2012 | 04:42 PM | Sean Davidson

Tags  scrap, ferrous scrap, exports, India, Bangladesh, Pakistan, Sean Davidson

NEW YORK — U.S. exports of containerized ferrous scrap to India may come under pressure as weaker demand for certain finished products in India and currency fluctuations have left some buyers hesitant.

"Indian markets are really messed up. There is no demand for finished steel. Construction is very slow, and most steelmaking units are losing money on every ton they are producing," one source said.

Sources in the United States, United Kingdom and India reported sales of U.S. containerized shredded scrap into Nhava Sheva in a range of $424 to $430 per tonne c.f.r. this past week, and while prices were relatively unchanged compared to the previous week, many say they are likely to come under pressure, especially if the Indian rupee continues to struggle against the U.S. dollar.....

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