The price of shredded steel scrap imported into India and Pakistan plunged by more than $50 per tonne on Friday January 22, following a sharp correction in the international scrap market, sources told Fastmarkets.
India
Fastmarkets calculated its
steel scrap, shredded, index, import, cfr Nhava Sheva, India at $430.83 per tonne on Friday, down from $480.38 per tonne a week earlier.
There were no transactions heard during the week, but the market level was agreed by many to be $430-435 per tonne, down from offers of $480-485 per tonne last week.
After many weeks of upward movement, prices in the Turkish scrap market - the global trendsetter - sharply corrected, shaking confidence in other regions.
The daily index for steel scrap HMS 1&2 (80:20 mix) North Europe origin, cfr Turkey was $ 432.61...