Steel melting scrap prices moved up by INR 500/t following healthy transactions in the sponge iron and semi-finished steel markets. Higher bids were heard from the northern region where a few transactions were reported amid material shortage. On the other hand, the Chennai market saw disparity in bids and offers by up to INR 1,000/t in the midst of the lockdown. Sellers are struggling to gather adequate quantities while buyers are resisting from placing higher bids. Prices in the near term may remain range bound, trade sources told SteelMint.
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