Melting scrap prices witnessed a downward correction today, falling by up to INR 1,500/t in the Punjab market following a correction in semi-finished steel prices amid improving conversion spread from melting scrap to steel ingot/billet. On the contrary, in Chennai, south India, prices saw a slight uptick on limited availability of scrap. Prices in the near term are expected to see a slight correction due to slow steel trading activity, sources informed.
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