India has now imposed import duties on cold-rolled steel products, and participants are reportedly waiting to see if further anti-dumping measures will be introduced for other grades, said The Steel Index in a snippet.
If more measures are introduced we could see an increase in demand for raw materials and a likely uptick in prices. For the time being the market remains stable with offers over $200 a ton for shredded, but mills are reluctant to pay over $200 a ton for material at present.
However, the monthly average of index for containerized Indian shredded imports rose by $7.10 a ton to $200.60 a ton CFR Nhava Sheva port in November.
Scrap demand was strong in early November as Indian mills took advantage of the depressed US domestic market. Several bulk cargoes were booked from the USEC into India, and US export yards were also able to raise their offers to Indian buyers on the back of greater interest from Turkish mills.