Steel melting scrap prices surged by up to INR 1,000/t d-o-d against nominal fluctuations on the previous day. The factors supporting the price hike are as follows:
- Inadequate scrap supply movement owing to lack of oxygen
- Hike in semi-finished steel prices
- Improved bids in the recent pig iron auction
Near term prices may inch up specifically in Western region, trade participants reported to SteelMint.
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