Melting scrap prices decreased in most major markets on 21 May ’21 owing to the following reasons:
- Falling prices of substitutes such as sponge iron as well as raw feed such as iron ore pellets.
- Tepid demand for semi-finished and finished steel products.
- Bearish sentiments in China’s steel market which has impacted the domestic industry nudging producers to cut prices, SteelMint notes.
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