Heavy melting scrap (HMS 80:20) prices in Gujarat’s Alang dropped further by INR 500/t to INR 36,500/t d-o-d. Weak buying enquiries by the IF mills in Bhavnagar (due to lack of trades in semi-finished steel) led to the fall in scrap prices. However, the conversion spread from melting scrap to ingot is currently hovering at INR 6,500/t, SteelMint notes.
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