The melting scrap prices at Alang's ship-breaking remained relatively stable over the past two trading sessions, largely reflecting cautious sentiment among suppliers and a moderate level of activity in semi-finished and finished steel. In response to the demand for scrap materials and a moderate demand for semi-finished and finished steel, the price increased by a modest ₹200 per ton to ₹ 30,000/ton in the previous session on 27 October. Demand for scrap has supported suppliers in their pricing offers.

However, on 28th October, the prices edged down by ₹100/ton, assessed at ₹ 29,000 per ton. Despite a firm tone in semi-finished and finished steel prices during the previous session, overall trade activity remained modest. The limited buying momentum for scrap caused suppliers to adjust their offers down slightly.

Outlook:

​At the moment, the market is range-bound as mills are trying to balance restocking inventories with caution as they procure scrap, given the unclear downstream demand. Therefore, price stabilization was assumed this week in the near term, with minor price adjustments possible depending on scrap coming in and finished steel performance in the regions.