Steel manufacturers in India are now adding more scrap to their melts as ferrous pricing has dropped globally, according to a report in the Economic Times of India.
More scrap is being purchased and melted in the EAF furnaces of Ispat Industries and Essar Steel as scrap substitute price have stayed level at the $325 per metric ton range while ferrous scrap prices have dropped to below $300 per metric ton.
According to the report, Ispat has begun selling some of the alternative iron units it makes itself on the open market while purchasing more scrap on the international market. Essar Steel may follow suit, according to the Economic Times.
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