Melting scrap prices increased by around INR 300/t on 31 May’21, particularly in the northern region with the firming up of semi-finished steel prices, as per SteelMint reports. However, shipbreaking scrap prices in Gujarat’s Alang cooled off, falling by INR 600/t due to the correction in semi-finished steel prices. The short-term outlook is that prices may find immediate support from the steel market with little possibility of major fluctuations, as per sources.
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