Containerized scrap export tags to India drop

Jan 24, 2013 | 05:10 PM | Sean Davidson

Tags  ferrous scrap, scrap exports, containerized scrap, scrap prices, shredded scrap, Sean Davidson

NEW YORK — U.S. containerized ferrous scrap export prices to India are under pressure after Indian mills stepped away from the market following a buying spree a week ago.

Only a handful of Indian mills traded actively last week, and that number plummeted this week as the Indian market continues to search for finished product demand, sources said.

A few sales of containerized shredded scrap were reported this week at $425 per tonne delivered to Mumbai’s main Nhava Sheva port. Prices are down as much as $10 per tonne from the previous week, with U.S. offers ranging between $425 and $430 per tonne on Jan. 24, according to several market participants. Deliveries to the southeast Indian port of Chennai are trading at a $4- to $5-per-tonne freight premium over levels into Nhava Sheva, sources said.....

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