India: Melting scrap prices decline further by INR 500/t d-o-d in Alang, Gujarat
Shipbreaking melting scrap prices in Gujarat's Alang market fell further by INR 500/t on 12 Apr'22. Prices have fallen by INR 1,000/t in the last two days on lower bids and lack of trades in semis and finished steel. Thus, scrap suppliers kept offers lower in the spot market. The conversion spread (margins) from scrap to ingot of the IF mills based in Bhavnagar was assessed at around INR 9,000/t yesterday.