India's average containerized scrap import prices rose by 1.2% month-on-month to $376.25 a ton in January this year, as per the latest figures released by the The Steel Index (TSI).
The turn of the year brought a renewed sense of optimism to the Indian market, with momentum increasing throughout January, and relatively strong demand for finished steel products bringing sub-sequent price rises.
A weakening of the Rupee towards the end of the month served to make scrap imports more expensive as buyers found their purchasing power reduced. This meant sourcing domestic scrap where possible became a more favourable option for buyers.
This shift in sentiment and the weakened Rupee began to be reflected in the price of scrap imports, rising US$12/tonne throughout the month from $370 a ton to $382 a ton.
The majority of material was sourced from the Middle East and South Africa, which was largely sold at a significant discount compared to the material sourced from the UK and Europe later in the month. The smaller mills tended to source these lower grades of Middle Eastern origin, or secure domestic material.
Source:- metal.com
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