Indian shipbreaking prices opened on Monday with a spike in offers amid shortage of tonnage at the yards. The ongoing trader’s strike in Mandi Gobindgarh has pushed the prices for ingots and traders are still waiting for their demands to get fulfilled.
The daily Davis Index for HMS attachments and Melting rose by Rs1,000/mt ($13.81/mt) each to Rs32,400/mt and Rs31,400/mt ex-Alang, respectively.
Demand from the rolling mills remained firm in the local market. Mills preferred buying on a need-basis. Laborers are going away to their native place ahead of the festival of Holi, which is slowing down production in the yards.
The index for 4Ani rose by Rs900/mt to Rs33,200/mt ex-Alang while the index for 6Ani rose by Rs700/mt to Rs33,500/mt ex-Alang.
Demand for steel plates also remained firm, but the shortage has pushed steel plates’ prices up. The daily Davis Index for 1kg plates rose by Rs1,000/mt to Rs32,600/mt ex-Alang. The index for 5kg plates rose by Rs500/mt to Rs34,400/mt ex-Alang.
Traders expect prices to remain firm ahead of Holi, however,shortage or raw material in the local market would keep the scrap prices on the higher end.
($1=Rs72.36)