After staying under pressure early this week, Indian shipbreaking scrap rose for the second day on Thursday. A shortage of material in Alang gave prices a lift. Demand from rolling mills in the North and the local Gujarat market remained firm.
The daily Davis Index for HMS attachments rose by Rs250/mt ($3.43/mt) to Rs32,150/mt ex-Alang, while the index for Melting rose by Rs150/mt to Rs3,1150/mt ex-Alang.
Suppliers in Alang increased their offers by Rs200-300/mt in anticipation of demand increasing in the coming days. The daily Davis Index for 4Ani and 6Ani rose by Rs300/mt each to Rs32,600/mt and Rs33,600/mt ex-Alang, respectively.
Demand for shipbreaking plates picked up, leading to an increase in the index for 1kg plates by Rs300/mt to Rs32,300/mt ex-Alang.
Seaborne scrap prices in India are under pressure, but the supply of domestic material remains short. The index for 12Ani rose by Rs350/mt to Rs36,350/mt ex-Alang.
Recyclers expect prices to remain firm in the coming week, at least until the supply of raw material in the local market eases.