Indian shipbreaking scrap prices rose on Wednesday due to improved demand from the rolling mills in Gujarat as well as in Mandi Gobindgarh. The daily Davis Index for 4Ani increased by Rs142/mt($1.87/mt) to Rs24,892/mt with trades reported at Rs24,900/mt ex -Alang.
Ingot prices in Mandi Gobindgarh saw an uptick on Tuesday giving a boost to Alang scrap prices. However, ingot prices fell by Rs450/mt in Mandi to Rs30,500/mt ex-works on Wednesday which is expected to pressure scrap prices in the coming days. The rising COVID-19 cases could also have a bearing on downstream demand.
The daily Davis Index for 6Ani rose by Rs242/mt to Rs26,192/mt with trades at Rs26,200/mt ex-Alang. The index for 8Ani rose by Rs100/mt to Rs27,000/mt ex-Alang with trades at the index price.
Shipbreakers stayed away from booking new vessels and prioritised liquidating their piled-up inventories before the monsoon season reaches its peak and hinders logistics. The daily index for 5kg plates rose by Rs300/mt to Rs26,350/mt and the index for 14Ani rose by Rs100/mt to Rs27,550/mt ex -Alang.
The index for HMS attachments rose by Rs100/mt to Rs21,850/mt and the index for Melting settled flat on Wednesday at Rs20,750/mt ex -Alang.