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06 Apr

High interest rates, subdued steel hit Indian scrap

Amid a slowed global scrap market, Indian scrap importers’ booking confidence has plummeted on the back of lower finished steel sales and the recent hike in bank interest rates for opening letters of credit. Although a scrap shortage is reported in India, offer prices have dropped. Low demand and high interest rates have kept the majority of mills away from booking large quantities of scrap. However, to satisfy urgent requirements to run operations, Nhava Sh…
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Sayed Aameer  |  India
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