India: Alang shipbreaking melting scrap prices nosedive after hitting all-time high

Shipbreaking melting scrap prices in Gujarat’s Alang market corrected sharply by INR 800/t on a d-o-d basis. Heavy Melting Scrap (80:20) prices are assessed at INR 39,200/t while attachment scrap prices stand at INR 40,200/t. Slow buying in semi-finished steel yesterday could be the factor behind drop in scrap prices. However, trade participants expect that prices may recover in a couple of days amidst limited plots working in Alang, SteelMint notes.