India: Melting scrap prices drift down by up to INR 3,000/t ($39)

Melting scrap prices fell sharply by INR 2,500-3,000/t especially in the western and northern region-based markets. The bearish trend caused by a slow down in buying inquiries in the semi-finished and finished steel segments put pressure on melting scrap prices. However, the correction in melting scrap prices was sharper than the drop seen in substitute (sponge iron) and semi-finished products, SteelMint notes.