Indian Melting scrap prices rise further backed by higher sponge offers

Domestic steel scrap prices have increased by INR 100-400/t across the regions on the back of price increase in sponge iron which is a substitute for melting scrap. Sponge offers moved up by INR 200-700/t d-o-d basis. Higher sponge iron costing led to increase in scrap procurement, resulting in price hike today. Current trade reference prices assessed at INR 25,100-25,400/t Jalna & INR 24,800-25,200/t Chennai (DAP).