Market split on India ferrous scrap prices

Apr 18, 2014 | 04:17 PM | Sean Davidson

Tags  ferrous scrap, India market, shredded scrap, ferrous scrap prices, No. 1 heavy melt, No. 2 heavy melt, shredded scrap, Sean Davidson

NEW YORK — Market sentiment is divided on the direction of ferrous scrap prices into India, as mills and traders await the results of national elections that could either spur or freeze economic activity, sources said.

Election uncertainty caused a marginal dip in soaring weekly volumes to mills while prices continued to inch up amid tighter supply cues, market participants said.

Containerized scrap exports to India from various parts of the world remained high this past week despite reports of three bulk cargo bookings.

"Demand is extremely strong in India and Pakistan. Basically, supplies are constrained. Sentiments are bullish as local ingots and billets are very firm. However, people want shorter transit cargoes and quick shipments," one exporter said.....





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