Melting scrap prices continued to head southward over bearish sentiments. Prices moved down by approximately INR 1,100/t in Mandi Gobindgarh, Northern region and in Alang, Western region owing to limited trade inquiries in the market. However, the other part of western region particularly Jalna, Kandla & Mumbai, saw slight downward corrections in prices by around 500/t whereas in Chennai, Southern region, prices witnessed positive corrections due to shortage of scrap. Prices in the near term are likely to see minor downward correction, trade participants reported to SteelMint.
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