India: Melting scrap price increases by INR 400/t d-o-d

Domestic melting scrap prices in most of the major consuming markets, moved up by INR 100-400/t d-o-d basis. Improved demand and trade activity in finished steel along with price hike in sponge iron led to increase in scrap prices. The current trade price is recorded at INR 23,500-23,700/t in Jalna DAP. Prices in the southern region declined by INR 200 to INR 22,600-23,000/t Chennai (DAP).