Indian containerized shredded scrap import prices remained flat in the week ended May 08, while Indian aluminium scrap prices on Scrap Register Price Index traded up.

According to The Steel Index, containerized shredded scrap prices for Indian imports remained stable at $298 a ton CFR Nhava Sheva during the week.

Scrap buying has been slow this week as local prices for sponge iron and scrap continue to offer more competitive routes to steel making.

Furthermore the inventories of most mills seem relatively well stocked for the period up to the middle of June, particularly when you take into account the slowdown in steel demand associated with the upcoming monsoons.

Rumours continue to circulate of parliamentary pressure to increase steel import duties from 5-15%, however until this measure has actually been implemented market sentiment looks set to remain depressed.

As per the Scrap Register Price Index, scrap prices for Aluminium Accessories, Aluminium ingots, Aluminium Rod Company, Aluminium Rod Local, Aluminium Sheet cutting, Aluminium utensil, Aluminium Wire traded up during last week.

Source:metal.com