India: Ferrous scrap prices drop on bleak market sentiments

Ferrous scrap prices witnessed a correction across regional markets today on the back of a number of factors:

• • Tepid demand in the finished steel products segment.
  • Price correction in substitutes (sponge iron) as well as semi-finished steel (ingot and billet).
  • Bearish sentiments in China’s steel market which have impacted the domestic industry and led to a decline in prices, SteelMint notes.