Indian ferrous scrap import average prices dropped during July, with construction activity stunted in the country as a result of the monsoon rains.
According to TSI, containerized Indian shredded imports index dropped by $10 a ton over the course of the month.
Ferrous scrap imports into India underwent a correction in July, with the monsoon rains disrupting construction activity and thereby reducing the demand for scrap.
Consequently, the monthly average containerized shredded index fell by $8 a ton (CFR Nhava Sheva port) from June’s pricing, representing a 2% fall month-on-month.
Pricing was mostly stable for the first couple of weeks in July, with supply and demand balanced in a largely subdued market. However, a drop in finished steel prices hinted that scrap prices were probably also set to fall, and the market duly delivered in the third week of the month with a $4 a ton drop week-on-week.