Scrap movement at Alang’s shipbreaking yards has frozen due to the strike announced by transporters protesting against skyrocketing fuel prices amid stagnant freight charges, as per latest SteelMint reports. Most of the shipbreaking scrap consumed in the surrounding local markets such as Bhavnagar, Kandla, Ahmedabad, Mehsana, etc. and freight costs have not risen parallelly with ever-strengthening fuel prices. Trade participants believe that melting scrap prices may remain supported until the resolution of the issue and the end of the strike. Very limited offers were heard for HMS 80:20 at INR 37,100-37,200/t exy from sellers, while no trade has been confirmed so far, as per sources.
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