Shipbreaking scrap prices in Alang rose on Wednesday on a rise in demand for rolling scrap from mills in Gujarat and North India.
The daily Davis Index for 4Ani rose by Rs200/mt ($2.72/mt) to Rs39,700/mt ex-Alang and the index for 6Ani rose by Rs300/mt to Rs40,700/mt ex-Alang driven by improvement in demand and a resulting rise in deals on Wednesday.
Domestic demand has gradually picked up after lockdown restrictions were eased in several states. Activities, especially in the construction sector, could slowdown in the coming days due to monsoon rains.
The index for 8Ani rose by Rs800/mt to Rs42,100/mt ex-Alang and the index for 10Ani rose by Rs500/mt to Rs42,900/mt ex-Alang.
Prices for ship plates rose in line with rolling scrap and the index for 1kg plates rose by Rs200/mt to Rs38,400/mt ex-Alang, while the index for 2kg plates rose by Rs100/mt to Rs40,600/mt ex-Alang.
The daily Davis Index for HMS attachments and Melting rose by Rs200/mt to Rs38,200/mt and Rs37,200/mt ex-Alang, respectively.
Ferrous scrap prices in western India are expected to remain firm amid low availability of scrap. Mills continued to focus more on exports. But the demand in domestic market is slowly picking up.