Indian ferrous scrap stalemate lingers

Aug 08, 2014 | 04:16 PM | Sean Davidson

Tags  ferrous scrap, scrap exports, shredded scrap, Indian market, scrap prices, Sean Davidson

NEW YORK — Indian ferrous scrap imports are likely to remain dismal until the end of August as buyers battle a weaker currency and finished product demand.

A massive gap between export offers and mill bids for containerized shredded scrap led to another stalemate in trading between the United States, Europe and India, with smaller-volume deals reported mostly in a range of $395 to $400 per tonne c.f.r. Nhava Sheva.

The Indian rupee weakened against the dollar, forcing most major mill buyers to bid for shredded in a range of $380 to $395 per tonne, depending on location. Meanwhile, exporters were looking for between $400 and $410 per tonne, according to market participants.....

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