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04 May

Indian mills reduce scrap intake, await price bottoming

Amid the global scrap market downturn and slowing Indian domestic steel market, Indian mills have reduced their intake of scrap this week. Despite the shortage of scrap, most mills have held off from booking and anticipate resuming deals once prices reach bottom, sources tell Kallanish. Offers for containerised UK- and EU-origin shredded scrap plummeted by another $10/tonne on-week to $428-433/tonne cfr Nhava Sheva and Mundra. The majority of bookings in Nhava She…
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