Ship-breaking melting scrap prices plunged INR 1,000/t d-o-d in Gujarat’s Alang on 14 Nov’22. HMS (80:20) prices are assessed at INR 36,500/t exy. As semi-finished steel prices fell in the last trading session, buyers turned inactive in the spot market. This coupled with increased bookings of imported scrap by the induction furnace mills in Gujarat due to cost-effectiveness weighed on domestic scrap offers.
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