Melting scrap prices in major Indian markets are witnessing consequent hikes since last week. The trend continued today as well with prices gaining by up to INR 1,000/t across all major markets. While sellers are expecting prices to rise further following the uptrend in global scrap prices, few trade associates are staying slightly cautious as they experienced fall in conversion spread owing to high price fluctuations. Near term prices are likely to remain range bound without any major changes, trade channels reported to SteelMint.
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