Western India: Melting scrap prices remain range-bound

Domestic melting scrap prices in most of the major consuming markets of western India were slightly down by INR 100 d-o-d, owing to limited transaction in semi-finished & finished steel. Current trade price for HMS (80:20) is assessed at INR 24,300-24,600/t Jalna, INR 23,200-23,500/t Chennai (DAP). Despite adequate availability, rapidly increasing sponge iron prices remained as the major factor behind the stability of scrap prices, as per trade sources to SteelMint.