Container shipments to India remain scarce

Mar 15, 2013 | 02:13 PM | Sean Davidson

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

NEW YORK — A stronger U.S. scrap market and higher freight costs off the East Coast have combined with dismal demand from India to continue a stalemate in containerized ferrous scrap exports to one of this country’s top export destinations.

A slight reprieve in exchange rates failed to trigger any significant buying by Indian mills or brokers this past week as market conditions in India remain bleak, several sources said.

"India seems to be out of the international import market for many reasons," one scrap exporter said.

A weak rupee against the dollar, large tonnages of scrap available from local ship demolition, a lack of electricity and a higher-percentage use of local sponge iron were among the reasons for Indian mills’ exit, the exporter said. ....

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