Local Indian scrap prices have witnessed a sharp rebound during the past week, riding on the hike in ship breaking charges in western India and lower shipments of imports, traders said on Wednesday, April 8.
According to traders, prices for HMS 80:20 scrap have rebounded by INR 850/mt ($14/mt) week on week to about INR 22,650/mt ($364/mt) at Alang in western India.
In northern Indian markets around Mandi Govindgarh, prices have increased by INR 500/mt ($8/mt) week on week to around INR 25,000/mt ($402/mt) and according to traders the uptrend was limited by relatively high stocks in the region.
Sources said that imported scrap prices from Europe have remained unchanged at $270-275/mt CFR Mumbai but transactions have been very scarce during the week.
The sources said that scrap prices have been impacted by the hike in charges for ship breaking by about INR 1,000/mt ($12/mt) at yards in western India.