India: Melting scrap prices drop by up to INR 500/t on bearish sentiments

Steel melting scrap prices moved down further by INR 500/t, especially in Mandi Gobindgarh in Northern India, as buying enquiries for semi-finished steel remained weak despite scarcity of scrap supply. While in Gujarat prices fell by around 100-400/t, Hyderabad witnessed slight recovery in prices. Melting scrap prices in the near term are likely to witness minor corrections, trade participants told SteelMint.