INDIA June 08 2017 11:42 AM
NEW DELHI (Scrap Register): India containerized shredded scrap import monthly average prices advanced by nearly 2 percent to 296 a ton during the month of May this year, according to the latest figures released by the Steel Index.
Prices in the Indian market rose at the start of the month to $301 a ton, as a result of higher demand from Indian mills. Sources said 10 vessels had been booked in the week ending May 12.
The market quietened notably after this, with prices slipping to $295 a ton and remaining flat for the remainder of the month. Mills where heard to be preferentially taking lower quality, but cheaper domestic material.
Rumors emerged that China may be on the verge of offering bulk scrap cargoes, adding downward pressure to prices going into June.
In the Asian and Indian markets, the possibility of Chinese scrap exports remains a central talking point. If this is to become a reality, it would be likely to see the Asian market diverge from the Turkish market as China would likely become the primary exporter in this region.