Government’s imposition of export duty in stainless steel finished products caused domino effect on scrap market. Buyers of top mills adopted a wait-and-watch mode for more price corrections. All big mills have stopped buying for this week, market is under extreme fear of trade loss, SteelMint learnt. The effective cash prices of 304 and 316 grades scrap are INR 155,000/t ($1,997/t) and 255,000/t ($3,286/t) exy Delhi respectively.
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