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Published By : Shanghai
Date : 03/03/2018
INDIA IMPORT SCRAP: Prices fall, buying activity stalls in nervous market
Prices for containerized imports of ferrous scrap into India fell this week, with negative sentiment and a drop in demand weakening the market, sources told Metal Bulletin on Friday January 19.
Indian import scrap markets achieved their highest prices for more than three years a fortnight ago, but the market undid those gains after a sharp decline in buying activity in Pakistan. Metal Bulletin’s index for Indian import shredded scrap dropped to $371.63 per tonne cfr Nhava Sheva on January 19, down by $8.82 per tonne week-on-week from $380.45 per tonne cfr. “Not only [in] India, but [prices in] Pakistan and Bangladesh have fallen,” one seller said. “There is no buying in Pakistan and I am not sure why. Customers are not sure if prices will..
Published By : Chung Zee
Date : 03/03/2018
Chinese steel woes drag iron ore prices toward $70 per tonne cfr
Physical iron ore prices continued to drop on Thursday March 8 with the April swaps contract hitting the $70-per-tonne-cfr-China mark amid a weakening Chinese steel market.
Key drivers China’s ferrous futures tanked across the board for a second day, with the benchmark contracts falling 2.9-3.8% from the settlement levels a day earlier. The iron ore contract had the worst performance, ending just above 500 yuan ($79) per tonne, its lowest since mid-December. The country’s spot rebar and hot-rolled coil prices also fell 40-90 yuan per tonne during the day amid rising inventory levels. And while the March iron ore swaps contract experienced limited losses to stay close to..