Indian imported containerized shredded scrap prices were stable Sept. 1 as the market remained quiet.

Platts assessed imported Indian containerized shredded scrap at $365/mt CFR Nhava Sheva Sept. 1, unchanged day over day.

“The market has been very quiet, it’s been a disaster,” a source said. Tradable values were reported for imported containerized shredded scrap at $360-$365/mt CFR Nhava Sheva.

The monsoon continues to hit parts of the country hard, keeping market activity slow. “Monsoon has hit very hard this year. Usually, the rains will have stopped by now, but they haven’t this year,” a trader said.

“Therefore, there is not a lot of visibility for the post-monsoon market,” the trader continued.

Additionally, market sources indicated that the Rupee’s depreciation against the US Dollar will further weaken the market.

“The Indian Rupee has breached 88 to the US Dollar, a record low. As the Rupee depreciates, it will only worsen import market sentiment,” a source said.

The US Dollar stood at $1 to ₹88.252, according to Platts data.