Indian metal scrap prices indicate a rise of 6-8%

Indian metal scrap prices indicate a rise of 6-8%

Industry sources report that non-ferrous metal scrap prices in India have increased by 6-8% in the last two months after certain restrictions were implemented on the import of scrap metal. SteelOrbis reported in October 2004 that Indian Directorate General of Foreign Trade (DGFT) issued a new policy for scrap imports. In line with the new policy, imports of ferrous and non-ferrous metals only in shredded and compact form were allowed. Moreover, a pre-shipment inspection certificate was required to import the subject raw material. Due to the import restrictions, the availability of scrap in local market has reduced. Under these circumstances, the price of subject raw material has increased by 6-8% in the last two months. It is reported that especially small-scale units in the country have been negatively impacted by the scrap shortage.