Stalemate on India imports of scrap continues

Nov 01, 2013 | 04:22 PM | Sean Davidson

Tags  scrap shipments, India imports, U.S. scrap, European scrap, heavy melt, HMS, shredded scrap, Sean Davidson

NEW YORK — India’s imports of U.S. and European heavy melt and shredded scrap have almost completely stopped as an impasse between bid and offer prices continues.

Offer prices from exporters remained relatively unchanged this past week despite a strengthening Turkish market, but failed to attract Indian buyers, most market participants said.

Offers for shredded scrap are at $380 to $385 per tonne c.f.r. Nhava Sheva, but only two large Indian producers responded with bids $10 below that level.

"There is no good news from India," according to one Mumbai, India-based supplier and trader. "Demand has gone out of the market. The auto sector is down 30 to 50 percent, construction is down, power and engineering is down. Everywhere it is a dull atmosphere."....

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