Shipbreaking scrap price in Alang rose for the second consecutive day amid steady demand from the local as well as mills in the North. The daily Davis Index for 4Ani rose by Rs100/mt($1.35/mt) to Rs26,100/mt ex-Alang and trades were heard at the index price.
Shipbreakers increased their offers for the second day anticipating a gradual rise in demand. The daily Davis Indexes for 12Ani rose by Rs150/mt to Rs28,900/mt ex-Alang and for 6Ani rose by Rs100/mt to Rs27,100/mt ex-Alang with trades concluding at the index price.
Monsoon had halted construction activities and movement of goods but with rain subsiding, it is getting back on track and demand is picking up from the auto segment.
The daily Davis Indexes for 1kg plates rose by Rs200/mt to Rs25,250/mt ex-Alang and the for 2kg and 5kg plates settled flat at Rs26,800/mt and Rs27,800/mt ex-Alang, respectively.
Production in yards is back to normal which was previously disturbed due to short supply of oxygen cylinders.
Demand for ferrous scrap is gradually picking-up and mills are booking raw material from the nearest yards. The daily Davis Index for HMS attachments and Melting rose by Rs100/mt each to Rs24,200/mt and Rs27,100/mt ex-Alang, respectively.