Melting scrap prices plunged across major scrap-based markets on 6 Jul’21. Prices slipped by INR 500/t in the northern region (Punjab) on discontinuation in industrial activities due to power outage. Likewise, prices corrected by around INR 100-400/t in other regions on account of nominal correction in steel prices. Scrap prices in the near-term are likely to remain range bound, trader sources informed SteelMint.
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