Shipbreaking melting scrap prices declined further by INR 700/t d-o-d in Gujarat’s Alang market, SteelMint assessment shows. HMS (80:20) prices are assessed at INR 45,500/t ex-yard. The drop in semi-finished steel prices and low buying enquiries for scrap amid muted trading in the spot market drove prices lower. Currently, the conversion spread from scrap to ingot in Bhavnagar is hovering around INR 6,500/t, reflecting a margin loss for IF mills.
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