An unexpected price crash in re-rollable steel scrap even as steel prices went up raising junk ship rates to record highs has forced Alang ship-breaking yard to close down its activities for three days from September 5.
Ship demolition prices came down from its peak of $ 270 per light displacement tonnage (LDT) to $ 220-230 per LDT levels. The Gujarat Ship Breakers' Association (GSBA) move has badly affected the 30,000-plus daily-wage workers in Alang.
A senior GSBA official said that Alang will continue to work on a four-day-week schedule for two weeks. The scrap prices have fallen to Rs 11,000 from Rs 12,800 per tonne
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