India: Melting scrap prices likely to remain under pressure on weak fundamentals

Melting scrap prices witnessed slight adjustments in sync with semis and finished steel movements, with the price range shrinking by up to INR 500/t across major scrap markets. The Northern region witnessed marginal shortage owing to slow inter-state movement amid the prevailing lockdown, even as the Western region was reportedly impacted by considerable correction in semi-finished steel prices to the tune of around INR 1,000/t. Near-term outlook could see prices narrowing down further, trade sources told SteelMint.