Ship-breaking melting scrap prices in Alang, Gujarat, remained almost stable (+200) d-o-d today. HMS prices (80:20) are assessed at INR 41,800/t exy. Suppliers kept offers stable despite sluggish trade in semis and finished steel in yesterday’s session. The current conversion spread from scrap (bought from Alang) to ingots is low at around INR 6,000/t against the required conversion of INR 7,500-8,000/t.
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