Heavy melting scrap prices observed southward trend owing to lower bids. Prices fell by up to INR 500/t in most of the regions except in Central India. Here, price saw an uptick by INR 200/t owing to higher bids at INR 1,000/t, received in defective steel auction conducted by a state-owned mill recently. Market participants seem to be in no rush to maintain regular procurement quantities amidst uncertain direction or declining prices in the domestic market. Near term price range may further see a drop, specifically in Western region, sources expect.
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