According to SteelRadar, India's HMS 1 scrap prices hovered around USD 381-396 between July 8-17.
After falling from USD 391 to USD 381 last week, prices rebounded this week to close at USD 396 on July 17.
Steel demand remains low during the off-season, limiting steel mills' production. In addition, hot and rainy weather makes scrap processing and transportation difficult. This leads to a tightening of circulation sources in the short-term scrap market.
In general, steel mills are dealing with excess finished steel inventories, low production, and less competitive scrap costs compared to molten iron. As a result, scrap demand is not expected to increase significantly in the near term. However, the limited circulation resources in the market provide some support to scrap prices. The scrap market is expected to experience fluctuations in the near future.
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