India elections boost ferrous scrap prices

May 22, 2014 | 04:22 PM | Sean Davidson

Tags  ferrous scrap, steel, export prices, India, Taiwan, Indonesia, Vietnam, South Korea heavy melt

NEW YORK — U.S. ferrous scrap export prices to India rose this week as markets welcomed the country’s election of a pro-business prime minister, which led to a strengthening of the Indian rupee.

A stronger rupee against the dollar and a short-term ban on iron ore production in India was all scrap suppliers needed to raise prices to Indian mills.

Market participants said ferrous scrap prices for containerized shipments jumped about $5 per tonne this week, following a similar increase in local sponge iron prices.

Buyers for Indian mills and their suppliers said the sentiment is extremely positive as India’s prime minister-elect, Narendra Modi, is expected to enforce market-friendly policies that he first introduced as chief minister of his home state of Gujarat.....

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