Shipbreaking scrap prices rose on Thursday following a rise in demand from rolling mills in Gujarat. Mills in the nearby cities were hoping to stock raw material inventories to keep their furnaces running. Demand from the end-users is still sluggish.
The index for 4Ani rose by Rs300/mt ($4.01/mt) to Rs38,800/mt ex-Alang and the index for 6Ani rose by Rs100/mt to Rs40,100/mt ex-Alang.
The supply of tonnages in Alang is still low as recyclers wait for domestic scrap and steel demand to gain momentum. The resulting low availability of scrap kept yard owners bullish. The index for 8Ani rose by Rs200/mt to Rs41,200/mt ex-Alang, and the index for 14Ani was up by Rs200/mt to Rs41,900/mt ex-Alang.
The daily Davis Index for 1kg plates rose by Rs700/mt to Rs35,700/mt ex-Alang, and the index for 5kg plates rose by Rs100/mt to Rs40,600/mt ex-Alang.
Demand from the steelmakers in Mandi Gobindgarh remains low amid government power curbs. Mills have been forced to remain shut until July 11.
The daily Davis Index for HMS attachments and Melting rose by Rs200/mt each to Rs35,000/mt and Rs34,000/mt ex-Alang, respectively.
($1=Rs74.7)