The containerized shredded scrap prices for Indian imports plummeted by $25 a ton to $282 a ton CFR Nhava Sheva port last week as local scrap and sponge iron alongside Chinese and Russian semi-finished material continued to put pressure on scrap imports.
According to TSI, finished steel prices continue to fall while demand is yet to pick up. Despite the large price fall this week most market participants expect to see a further drop in March before we reach the bottom and imports begin to flow a little freer.
With the Indian steel ministry having submitted a proposal to the Finance ministry for the reorganisation of steel and raw material duties, rumours abound as to whether the 2.5% duty on imported scrap will remain for much longer.
Source:metal.com
No comments:
Post a Comment