Melting scrap prices witnessed a correction in all major scrap-based markets in the country on 9 Jun’21 owing to poor demand for semi-finished steel and continuous decline in sponge iron prices. While prices were down by up to INR 700/t in Hyderabad, in the Gujarat market prices fell by around INR 400-500/t. However, the northern region witnessed nominal changes in prices. In the near term, prices may remain supported, particularly in the Alang market in western India, trader sources told SteelMint.
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