Prices for import scrap in India have posted some small declines over the past week, but most prices are nominal as trading has been almost fully halted due to Diwali festival this week. Also, the mainly negative mood in the local steel market has impacted the scrap segment and market sources believe buyers will keep insisting on lower prices in November.
Tradable ex-UK/Europe containerized shredded scrap prices have lost $5/mt over the past week, coming to $390/mt CFR Nava Sheva, but bids have been rare and offers have been standing at $395/mt CFR, versus $400/mt CFR a week ago. Market sources believe that scrap will slide further next week and that buyers will manage to get $385/mt CFR.
Ex-UK HMS I/II (80:20) scrap prices have also posted some decrease, falling by $5-10/mt to $370-380/mt CFR Kandla port.