Scrap exports to India show no sign of life

Oct 25, 2013 | 05:01 PM | Sean Davidson

Tags  scrap, ferrous scrap, scrap exports, heavy melt, HMS, shred, Sean Davidson

NEW YORK — Containerized ferrous scrap exports to India effectively dried up in the past week as buyers were unable to match rising price offers from the United States and Europe.

Barring a momentary spike in volumes earlier this month to at most a handful of large producers in India, exports have remained dismal for a few months, with no uptick in sight, sources said. Heavy melt exports have fared only marginally better in recent weeks, many added.

Buyers and sellers attributed weak market conditions for finished steel in India, rising domestic prices in the United States and increases in Turkish prices for imports from Europe as the reasons for buyers’ inability to negotiate at current offer levels. Offer prices reportedly were in a range of $340 to $345 per tonne c.f.r. Nhava Sheva for an 80/20 mix of No. 1 and No. 2 heavy melt and $370 to $380 per tonne for shredded scrap.....

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