US scrap prices to India sink on slack demand
May 17, 2013 | 06:27 PM
| Sean Davidson
NEW YORK - A near-standstill in demand for containerized ferrous scrap from India has sent U.S. containerized export prices to the country down significantly.
The recent introduction of an import duty on ferrous scrap shipped to India (amm.com, May 9) has weakened sentiment, but many market participants suggest the fallout on prices from this trade barrier will be short-lived.
Sources pegged containerized shredded scrap trade at $385 to $390 per tonne this past week for scrap delivered to Indias western port of Nhava Sheva, with bids and offers reported within $5 of that range. Very little has reportedly traded in this price range, which is down about $20 from late-April levels (amm.com, April 30). One Indian importer reported a purchase of containerized shredded scrap at $380 per tonne c.f.r. Nhava Sheva, while a source at a large exporter suggested that $380 per tonne appeared to be the next price level.....
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