Melting scrap prices trended down in almost all major regional scrap-based markets on 1 Jul’21. As per sources in north India, prices in Punjab’s Mandi Gobindgarh dipped by INR 600/t on account of improved conversion spreads. Prices in many key markets witnessed marginal correction by around INR 200-500/t owing to subdued steel sentiments, although they remained unchanged in a few other locations. Ferrous scrap prices in the near-term are likely to remain range bound, trader sources informed SteelMint.
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