Shipbreaking scrap prices in Alang rose for the second day as a shortage of materials kept offers high. The daily Davis Index for Melting rose by Rs300/mt ($3.94/mt) to Rs21,350/mt ex- Alang
The daily Davis Indexes for 8 Ani rose by Rs200/mt to Rs25,350/mt, the index for 12 Ani rose by Rs200/mt to Rs25,950/mt, 14 Ani rose by Rs200/mt to 26,050/mt ex- Alang.
Shipbreakers took a wait-and-watch approach before placing bids for ships as mills in Mandi Gobindgarh have slowed down scrap purchases. This, mainly since ingot prices in Mandi Gobindgarh fell by Rs100/mt to Rs30,500/mt ex-works on Thursday.
Additionally, southwest monsoons have arrived at the western coast of India which will slow down dismantling of vessels. A shortage of workforce has also affected activities at yards.
The daily Davis Indexes for 2kg plates rose by Rs300/mt to Rs24,850/mt, 5kg plates rose by Rs300/mt to Rs25,250/mt and HMS attachments prices rose by Rs300/mt to Rs22,350/mt ex-Alang.
($1=Rs76.1)