Indian steel mills see shredded scrap impasse

Aug 01, 2014 | 04:50 PM | Sean Davidson

Tags  scrap, ferrous, steel, India, export, import, shred, heavy melt HMS

NEW YORK — Indian steel mill imports of shredded scrap came to a standstill this past week following a huge divide in bid and offer prices.

Exporters and importers said the situation is likely to continue for at least another week, with buyers seemingly uninterested in chasing scrap amid a weak product environment.

A softening Indian rupee and a seasonal drop in steel production rates and finished product demand has sent Indian domestic steel prices down, leading Indian buyers to bid between $380 and $390 per tonne c.f.r. Nhava Sheva for shredded scrap imports, market participants said.....

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