Indian shipbreaking scrap prices rose on Wednesday amid strong demand from rolling mills in Gujarat. Demand from Mandi, however, remained low.
The daily Davis Index for 14Ani rose by Rs150/mt($1.99/mt) to Rs27,900/mt ex-Alang with trades reported at the index price.
Mills in Gujarat focused on stocking inventories to meet their requirements for the next couple of months to avoid transportation hassles during peak monsoons. With scheduled maintenance, they are likely to operate at 60-70pc capacity. Trades in the coming days are likely to slow down.
The index for 8Ani rose by Rs100/mt to Rs27,300/mt on increased offers but trades thinned as buyers are hoping for scrap prices to decline further.
The daily Davis Index for 12Ani rose by Rs100/mt to Rs27,750/mt, the index for 2kg plates rose by Rs100/mt to Rs25,950/mt ex -Alang.
Demand for plates increased this week but demand for Melting and HMS attachments remained subdued.
The daily Davis Index for HMS attachments and Melting declined by Rs50/mt to Rs21,950/mt and Rs20,950/mt, respectively.