Domestic melting scrap prices recorded a fall of INR 100-300/t d-o-d in western India. Price have moved down following price cut in billet & rebar, in line with weakening sponge iron prices across markets. Current trade reference price assessed at INR 24,300/t in Jalna, INR 24,000/t in Chennai (DAP). Industry sources believe that prices may remain volatile due to strengthening imported scrap offers & improved availability of sponge iron.
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