Indian buyers squeezing scrap prices
Aug 18, 2014 | 04:16 PM
| Sean Davidson
NEW YORK Strengthening ferrous scrap prices have adversely impacted margins for Indian long product mills, which have struggled to raise product prices in a weak demand environment.
Tighter sponge iron supply in India has forced mills there to turn to scrap, with the change in raw materialat a time when scrap import prices are rising faster than steel pricespushing many mills to reduce production and stay away from scrap markets, market participants said.
Only a handful of large Indian producers have kept the export-import trade markets active, with the majority of smaller-sized producers bidding for scrap at prices that are $10 to $15 per tonne below those paid by large producers over the past two weeks.....
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