Shipbreaking melting scrap prices in Gujarat’s Alang market declined by INR 2,500/t d-o-d. HMS (80:20) prices are assessed at INR 44,000/t ex-yard. As semi-finished steel prices fell, buyers turned inactive in the spot market amid imported scrap bookings by the induction furnace mills in Gujarat. Also, the government’s decision to reduce the import duty on steelmaking raw materials led to the sharp fall in prices today.
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