India: Ferrous scrap prices drop on poor finished steel offtake

Melting scrap prices in key regional markets headed southwards on 3 Dec’21. Prices corrected by around INR 900/t on d-o-d basis, especially in the Ludhiana market in north India, following declining semi-finished steel prices. However, in other markets too, prices slid on account of poor offtake of finished steel products amidst decreasing prices of substitutes such as sponge iron, SteelMint notes.