Stronger economic data and a strengthening US dollar weighed on precious metals prices last week offsetting some of the geopolitical premium.
Uncertainty continues to unsettle business confidence in India. The monsoon rains have been heavier than expected. Internal steel producers have resisted offering discounts and more favourable payment terms, fearing such measures would be counterproductive and only fuel further price instability.
United States shredded scrap prices remained flat week-on-week at $379 a long ton (delivered mill) in the week ended July 25th this year, as per the latest figures released by the The Steel Index.