Melting scrap prices rose sharply by INR 800/t in the Ludhiana market in north India on 7 Jan’22. Other markets witnessed more modest hikes in the range of INR 200-500/t on account of a surge in raw material (coal) prices. This, in turn, pushed up sponge iron prices that remained supported on higher semi-finished and finished product prices. However, finished steel sales are yet to gather momentum.
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