Melting scrap prices decreased in most markets on 22 Oct’21 due to following reasons:
- Falling prices of substitutes such as sponge iron and declining fuel, i.e. coal, prices.
- Tepid demand for finished steel products impacting buying enquiries for semi-finished steel.
- Bid-offer disparity in imported scrap market due to container shortage and longer lead times that kept buying enquiries low.
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