Market sources informed SteelMint that an auction conducted on 10 May’22 for 200 t of old cylinders from Gurgaon in Haryana fetched bids at INR 47,500-48,000/t exw. Comapred to last week’s auction, the price dropped by around INR 1,000-1,500/t. IOCL and HPCL regularly recycle scrap obtained from damaged gas cylinders. This scrap is then cut and shredded by recycling plants and sold to furnaces for melting.
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