Indian buyers squeezing scrap prices

Aug 18, 2014 | 04:16 PM | Sean Davidson

Tags  ferrous scrap, scrap exports, India scrap, heavy melt, HMS, shredded scrap, scrap prices, 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 material—at a time when scrap import prices are rising faster than steel prices—pushing 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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