India containerized scrap import prices continued to decline by $7 a ton week-on-week to $358 a ton CFR Nharva Sheva port in the week ended October 24, as per the latest figures released by The Steel Index.
According to TSI, shredded offers were heard largely untouched, with buyers preferring to take a wait and see approach with global scrap prices continuing to fall.
Some material was heard secured from Europe at significantly lower levels than seen previously, but for the most part buyers instead secured African-origin material which traditionally commands lower prices.
Many were also happy to wait until after the Diwali holidays and see what level global scrap prices settle at.
Yaang Pipe Industry