WEEKLY: Global steel scrap prices rise slightly
Oct 22, 2019 18:00
Global steel scrap markets, including those in Europe, United States and Asia, strengthened further over the week of October 11-18. The import price of heavy melting scrap (HMS) 1&2 (80:20) to India, for example, increased by another $4/t on week to $254/t CFR as of October 18, according to Mysteel’s latest survey released on Monday.
Trading activity in the Indian scrap market was relatively lively amid steel mills’ stocking up for the country’s important Diwali festival starting this weekend. In the meantime, market participants predicted that after the Diwali holiday, India’s domestic steel demand may grow, which is likely to bolster Indian steel prices and