Fastmarkets calculated the steel scrap, shredded, index, import, cfr Nhava Sheva, India at $401.81 per tonne on Friday, up from $380.65 per tonne one week earlier.
Deals were heard at $390 per tonne and $400-405 per tonne for shredded material, up from $380 per tonne last week.
Offers were as high as $410 per tonne this week, up from $375-380 per tonne the week before.
A rising international market has continued to support the key global scrap markets, in addition to the ongoing poor availability of shipping containers and increased shipping freight rates.
Fastmarkets calculated the index for steel scrap, HMS 1&2 (80:20 mix), North Europe origin, cfr Turkey at $392.66 per tonne on December 11, up from $348.61 per tonne on December 1.
"The markets are sky rocketing, but [domestic] scrap turns out cheaper," a buyer said.
"It’ll be worse next year as shipping freights are up for January. Towards Christmas time, yards will be closing, with small yards clearing out before they close," a trader said.
"The increase in freight has the biggest role to play in the price hike. There is increasing demand, especially from countries like Turkey, Pakistan and Bangladesh. Indian demand is positive, although it slowed down a bit after the festival season. The increase in ferrous price is reflecting in finished prices but December should be low in demand month," a mill source said.
The weekly price assessment for steel scrap, HMS 1&2 (80:20 mix), import, cfr Nhava Sheva, India was $360-380 per tonne on Friday, up from $345-360 per tonne in the previous week.
UK-origin HMS offers made up the bottom end of the range, with Middle East-origin and Australian material making up the top end.
Prices were sky rocketing, with some UK yards not quoting due to a lack of clarity for availability and not able to supply containers, a second buyer said, adding that Indian demand was being supported by government expenditure for infrastructure projects.
Fastmarkets calculated the steel scrap shredded, index, import, cfr Port Qasim, Pakistan at $403.39 per tonne on December 11, up from $380.63 per tonne on December 4.
Deals for shredded material were heard at $400 per tonne for UK material, $400-405 per tonne and $410 per tonne, up from a deal level of $378-380 per tonne last week.
"The Pakistan market has moved up, but there are not many offers available. Local rebar producers are also increasing the finished prices," a trader said.
This week, rebar prices moved up by $18 per tonne due to an increase in raw material prices.
The price of shredded steel scrap imported into India and Pakistan crossed $400 per tonne on Friday December 11 as a result of high international prices and tight shipping availability, sources told Fastmarkets.