Ferrous scrap prices witnessed a sharp downward correction by around INR 700/t ($9) in Punjab’s Mandi Gobindgarh, but prices dropped in other markets too. Prices declined by around INR 200-500/t and the key factor was declining price trends in the sponge iron and semi-finished steel market amidst poor offtake of finished steel in the regional markets, which created an overall bearish market sentiment.
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