Ferrous scrap export prices to India decline

Apr 30, 2013 | 03:38 PM | Sean Davidson

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

NEW YORK — U.S. export prices for containerized ferrous scrap delivered to India dropped over the past four trading days on poor demand and reports of two bulk sales from Australia to different Indian ports.

Market participants said that prices for containerized shred fell about $5 per tonne from two weeks ago to a range of $405 to $408 per tonne c.f.r. Nhava Sheva. Sources said that buyers have now stepped away from the market in hope that prices will fall to $400 per tonne or lower.

Meanwhile, a bulk cargo of 30,000 tonnes of shred originating out of Australia and Europe reportedly was bought by a large Indian scrap company at $409 per tonne c.i.f. Chennai, while a 45,000-tonne cargo of shred originating from Australia was booked at $400 per tonne c.i.f. Mumbai and Kandla, according to different sources.....

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