Melting scrap prices in Alang, Gujarat, declined by INR 600/t on 29 Dec’21. The trade reference price of HMS (80:20) is assessed at INR 37,000/t. IF mill owners in Bhavnagar are cautious about procuring material amidst lack of trading activity and the downtrend in billet prices, which resulted in scrap suppliers reducing offers. The conversion spread from melting scrap to ingot till yesterday is hovering around at INR 7,000-7,100/t as per SteelMint assessment.
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