As per SteelMint reports, melting scrap prices plunged today on overall bearish sentiments. Prices tumbled INR 700/t in Gujarat and Maharashtra. However, in Chennai scrap prices edged up on tight logistical movements. The bid-offer disparity varied by INR 500-600/t across markets in the country. Prices are likely to correct downwards in the near term especially that of Alang ship scrap, trade sources informed SteelMint.
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