After reaching a 3-month high on April 23, scrap prices started to decline. On May 5, prices jumped sharply to USD 437, and as of May 9, they reached a 6-month high of USD 442. Compared to the same date last year, prices rose by 1.6%. This indicates a slight uptick in the market.
A similar picture can be observed when looking at other commodity prices in India. This is due to users stockpiling due to the current monsoon rains, leading to general price increases.
In a recent statement by the Indian Steel Minister, it was reported that demand for steel will continue to grow. These developments give signs that the sector will experience positive developments in the coming periods.
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