Melting scrap prices in Alang are firm today despite semi-finished steel (ingot/billet) prices falling in yesterday’s trading session. The conversion spread from melting scrap to semis narrowed to INR 5,500-5,700/t, which is below expectations for the induction furnace steelmakers based in Bhavnagar. SteelMint assesses HMS (80:20) prices at INR 39,000/t, while attachment scrap prices stand at INR 40,000/t.
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