Scrap container market awaits Indian buyers
Apr 17, 2013 | 05:07 PM
| Sean Davidson
NEW YORK U.S. exports of containerized ferrous scrap to India have failed to gain momentum despite an encouraging currency level as demand from Indian steel mills remains uncertain.
Market participants offered mixed reviews, with some reporting steady demand but others seeing little or no interest from Indian buyers.
Prices for containerized shredded scrap delivered to Nhava Sheva are in a range of $410 to $415 per tonne, ex-United States or ex-United Kingdom, sources said, down $10 from a month ago (amm.com, March 15).
A large U.S. exporter said that with the rupee trading at close to 54 to $1, he expected Indian buyers would rush for scrap. "But there is no buyer in the market. People should grab at the $410 level. There is problem with electricity in north India. The state of Punjab increased electricity costs by 50 percent, so a lot of mini-mills are shutting down. The south continues to suffer from long electricity cuts daily. This has lowered demand," he said.....
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