Steel melting scrap prices narrowed down on falling bids on 25 Jun’21 due mainly to piling up of finished steel inventories, as per SteelMint assessment. Buyers in scrap-based markets across the country are likely to fix their production utilization rates as per market requirements and float bids in view of required conversion spreads. Scrap prices in the near-term are likely to remain rangebound, trader sources informed SteelMint.
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