Indian shipbreaking scrap prices rose on Thursday driven by increased offers. The daily Davis Index for 10Ani rose by Rs200/mt($2.66/mt) to Rs27,750/mt ex-Alang.
Some mills looked to ramp up production and were in the market to refill inventories to last them during the monsoon seasons. Yards are also keen to liquidate inventories to ensure smooth cash flow. The persistent shortage of labour, however, is keeping mills and yards from increasing their productivity.
The daily Davis Indexes for 4Ani rose by Rs100/mt to Rs24,950/mt ,12Ani rose by Rs100/mt to Rs27,850/mt and 14Ani rose by Rs50/mt to Rs27,950/mt ex-Alang.
Demand in the Gujarat market has picked up as rolling mills which were shut in this pandemic have now started production.
The daily Davis Index for 1kg plates rose by Rs100/mt to Rs22,250/mt, 5kg plates rose by Rs100/mt to Rs26,450/mt ex -Alang. Demand for HMS attachments and Melting is still subdued, the index for HMS attachments and Melting settled flat at Rs21950/mt and Rs20,950/mt ex-Alang, respectively.
Despite an uptick, demand from end-users largely remains hit and recyclers are staying away from booking new ships. Many beached vessels are yet to be dismantled.