Melting scrap prices rallied on robust outlook by trade participants, backed by number of factors:-
- Oxygen supply constraints and limited workforce.
- Scrap supply shortage due to inappropriate stock in yards.
- Strong global scrap offers and limited transactions prompted domestic sellers to raise their offers.
- Increasing sponge iron prices followed by high iron ore prices.
- Moderate semi-finished steel and finished steel transactions supported price hike.
Near term prices may remain supported, trade channels reported to SteelMint.
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