The daily Davis Index for HMS attachment and Melting rose by Rs650/mt each ($8.92/mt) to Rs27,500/mt ($377.30/mt) and Rs26,500/mt ($363.58/mt) ex-Alang, respectively, amid stable demand from rolling mills in Mandi Gobindgarh and Gujarat. However, supply is tight. Amid anticipation of revival of demand, mills preferred to secure domestic scrap.
The indexes for 0.5kg and 1kg plates increased by Rs650/mt to Rs27,650/mt and Rs27,550/mt, ex-Alang, respectively. Shipbreakers are waiting for government’s initiatives to be implemented, which will boost infrastructure and construction sector. Liquidity crunch has also impacted purchasing power of the mills.
The daily indexes for 4Ani and 6Ani rose by Rs400/mt to Rs28,600/mt and Rs29,150/mt, ex-Alang, respectively. Limited deals were reported at these levels. Mills are cautiously buying material as they are uncertain of the price direction.