Indian imported containerized shredded scrap price inched up in the week to March 3 amid an uptick in demand fundamentals for finished steel.

Platts assessed imported Indian containerized shredded scrap at $372/mt CFR Nhava Sheva March 5, up $2/mt day over day.

“There are a lot of offers available [for ferrous scrap] in the market at present,” a mill source said. “Finished steel prices have also shown some improvement in the last few days.”

Platts assessed the price of domestic rebar at Rupee 46,800/mt [$538.05/mt] ex-works Raipur, up Rupee 300/mt day over day March 5.

A deal for 1,000 mt of New Zealand-origin containerized shredded scrap concluded March 4 was reported March 5 at $372/mt CFR Nhava Sheva.

Tradable values for imported containerized shredded scrap were indicated at $370-$373/mt CFR Nhava Sheva. Offers for imported containerized shredded scrap were indicated at $372-$375/mt CFR Nhava Sheva. Offers for New Zealand-origin containerized HMS 1/2 (80:20) scrap was indicated at $365/mt CFR Nhava Sheva.

A trader said they aim to offer containerized shredded scrap at higher levels of around $380-$385/mt CFR Nhava Sheva.

The price of shredded scrap in the UK scrapyards was heard at around GBP 252/mt [$325.08/mt] ex-works, according to a trader.