India: Melting scrap prices drop by INR 300-500/t on subdued sentiments
Melting scrap prices reversed down by INR 300-500/t on 18 May'21, as sponge iron and semi-finished steel prices fell in most scrap-based steelmaking regions in India. However, in a couple of locations like Jalna and Hyderabad prices remained stable. Prices may witness slight correction in the near term adjusting to broader market movements, SteelMint gleaned from trade channels.