The price of ferrous scrap imported into India dropped again in the week ended Friday January 31, while trading activity paused following a mid-week drop in international scrap prices, sources have told Fastmarkets. Fastmarkets’ calculation of the steel scrap, shredded, index, import, cfr Nhava Sheva, India, was $291.99 per tonne on Friday, down from $296.51 per tonne on January 24, marking the third consecutive week with a price fall. A deal for UK shredded material into India was heard at the beginning of the week at $293 per tonne, but by the end of the week many traders reported being unable to find buyers even with offers as low as $285 per tonne.
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