Ferrous scrap prices are under pressure and prices of prime grade cold rolled close annealed (CRCA) busheling material auctioned by automakers have declined by INR 700-1,000/t in the past week across all major markets in the country. A recent auction of CR busheling scrap fetched bids at around INR 43,000-43,300/t, down from INR 44,000-45,500/t exw a fortnight back.
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