Ship-breaking melting scrap prices in Gujarat’s Alang market fell by INR 700/t d-o-d on 9 Aug’24. HMS (80:20) prices were assessed at INR 33,300/t ($397/t) exy. According to market sources, multiple mills in Bhavnagar have either ceased production or significantly reduced output due to a decline in demand for finished steel. The reduced activity has led to a sharp drop in the demand for ferrous scrap, compelling suppliers to lower their prices today.
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