Indian melting scrap prices inch down

Domestic melting scrap prices dropped by INR 100/t in western & southern region owing to slow movement in billet & rebar prices as well as declining sponge iron prices across the major markets. Current trade reference price is assessed at INR 23,600/t in Jalna, INR 23,900/t in Chennai (DAP). SteelMint learnt from trade associates that scrap prices may remain range bound due to minor fluctuation in finish steel prices.