India: Melting scrap prices fall by up to INR 600 ($8)

Melting scrap prices declined by up to INR 600/t on a d-o-d basis particularly in northern and western regions, whereas in southern region, it remained steady owing to limited availability and slowdown in semi-finished and finished long steel movement with an unexpected rainfall in Chennai – a major scrap market in southern India. Near-term prices are expected to remain range-bound without any major correction, trade participants reported to SteelMint.