India containerized scrap import prices advanced by $6 a ton week-on-week to $410 a ton in the week ended May 23rd this year, as per the latest figures released by the The Steel Index (TSI).
According to TSI, containerised shredded index for Indian imports gained 1.5% last week to finish at $410 a ton CFR Indian west coast port.
The country as a whole is riding a wave of positivity following the election win by the pro-business BJP party, with the steel industry in particular seeing a familiar ally coming into power.
However, the news that mining permits have been revoked from 26 mines in the Odisha region, with the potential to remove one third of domestic iron ore production, has served to dampen spirits in the steel industry.
Either more expensive imports would have to be sought or production levels reduced, with the likely result being that finished steel prices will rise. This has already begun to be reflected in scrap pricing for imports into the country.
Source:- metal.com
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