Melting scrap prices decreased sharply by up to INR 1,100/t ($15) on 29 Jun’21, especially in India’s northern region, on the back of contraction in semi-finished steel prices which triggered a selling pressure in the scrap market. It was noticed that in the Ludhiana and Mandi markets prices varied by up to INR 1,200/t for end-cutting material because of the gulf of difference in quality of material offered, as per SteelMint assessment. The near-time outlook remains unclear as furnaces in some states are likely to curtail production, as per sources.
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