Alang's ship-breaking melting scrap (HMS 80:20) market has seen an obvious week-to-week improvement. Prices had fallen to ₹29,800/t on 10 Nov but had improved back to ₹30,700/t by 15 Nov, a five-day increase of ₹900/t, due to improved buying inquiries and a ₹100-300/t increase in semi-finished and finished prices that has encouraged suppliers to raise offers.

Outlook:

Going forward, it has been anticipated that scrap prices will remain in somewhat pressure in the near term as mills continue with limited production and weak restocking strategies. However, any pick-up in finished demand or inquiries for export could stabilize price levels and help support even more upside later in the month.