India: Alang shipbreaking scrap prices drift down by up to INR 700/t

Alang’s shipbreaking scrap prices contracted by INR 500-700/t, d-o-d, as per SteelMint assessment. HMS (80:20) prices are assessed at INR 35,800/t, while attachment scrap prices stand at INR 36,800/t. The factors behind the considerable correction were that selling pressure was building up in the semi-finished steel segment and adequate inter-state transactions have been concluded, especially in billets, resulting in a parallel correction in scrap prices today. Yesterday’s conversion spread was recorded at around INR 7,000-7,200/t from Alang melting scrap to Bhavnagar steel ingot, as per reports.