India: Scrap prices in Alang up by INR 600/t as billet prices rise

Melting scrap prices increased further by INR 600 /t on 9 Dec’21. The trade reference price of HMS (80:20) is assessed at INR 37,500/t, while attachment scrap prices stand at INR 38,500/t. Rise in steel billet prices in the spot market along with shortage of scrap in Gujarat’s Alang prompted suppliers to quote offers at a higher level.