India: Alang shipbreaking scrap prices fall by 1.5%

Alang’s shipbreaking scrap prices moved down by INR 500/t, d-o-d, as per SteelMint assessment. HMS (80:20) prices are assessed at INR 35,100/t, while attachment scrap prices stand at INR 36,100/t. As reported a couple of days back, market participants were expecting a price correction by around INR 300/t in line with contraction in semi-finished steel prices. However, induction furnace steelmakers raised their offers yesterday to improve the conversion spread from melting scrap to Bhavnagar ingot as it was hovering at around INR 6,000/t. SteelMint expects margins might increase slightly on a day-to-day basis.