Melting scrap prices remained supported except a few locations on 2 Aug’21. Prices rose by up to INR 700/t, especially in Hyderabad, owing to inadequate supplies in the local market and healthy transactions reported to Maharashtra. Furthermore, sponge iron and semi-finished steel prices remained supported today. Other regions too witnessed nominal upside in prices, except Gujarat. The near-term outlook is positive, particularly for the northern region, trader sources informed.
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