Low ferrous scrap bids freeze sales to India

Nov 27, 2012 | 03:45 PM | Sean Davidson

Tags  ferrous scrap exports, container scrap, shredded scrap, Sean Davidson

NEW YORK — Indian steel mills have significantly lowered their bids for ferrous scrap over the past few days, market participants said, resulting in a complete halt to U.S. exports of containerized scrap to the nation.

Indian bids for containerized shredded scrap from the U.S. East Coast dropped to a range of $400 to $410 per tonne delivered to Mumbai’s Nhava Sheva port by the end of last week, down from sales at $424 to $430 per tonne c.f.r. Nhava Sheva earlier in the week.....

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