Indian containerized shredded scrap import prices advanced during last week, while Indian copper scrap prices on Scrap Register Price Index traded down.
According to The Steel Index, containerized shredded scrap prices for Indian imports advanced by $3 a ton to $298 a ton CFR Nhava Sheva in the week ended April 24.
Demand for scrap rose this week; however with issues around the Pre-Shipment Inspection Certificate (PSIC) yet to be resolved many market participants are wary of booking cargoes. This shortage of supply has been the predominant catalyst for the price rise.
Market sentiment is currently negative with most mills expecting to see a softening of scrap prices in May due to the upcoming monsoon season and continued pressure from cheap iron ore and sponge iron.
As per Scrap Register Price Index, the prices for major copper scrap commodities including copper armature, copper cable scrap, copper heavy scrap, copper sheet cutting, copper Super D.Rod, copper utensil scrap and copper wire bars traded down last week.
Source:metal.com
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