Indian scrap prices up $9/t

Indian scrap prices have increased by INR 700/tonne ($9/t).

Scrap prices in global markets increased due to the following factors.

- The increase in substitute (sponge iron) prices was supported by coal prices,

- Increases in semi-finished product prices,

- Bids have been improved in recent pig iron auctions by major producers,

- Improvement in global scrap prices has led to an increase in domestic offers.

For all these reasons, trader sources expect short-term prices to increase.