News and Events

The price of ferrous scrap imported into India surged this week on freight rate increases and a rising Turkish scrap market, sources told Fastmarkets on Friday February 21. Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India, at $303.09 per tonne on Friday, up by $16.13 per tonne from $286.96 per tonne one week ago. Deals for shredded at the start of the week were heard at $290, $300, and $302 per tonne cfr, for UK-based material, before further deals were heard at $307-308 per tonne by the end of the week. Offer prices ranged from $300 to $310 per tonne, up from $285-293 per tonne last week. Market participants told Fastmarkets that freight rates were increasing due to the lack of containers available as a result of the novel coronavirus (2019-nCoV).