Indian shipbreaking scrap prices rise after trending down for more than a week as demand from Mandi Gobindgarh picked up on Tuesday. The daily Davis Index for Melting and HMS attachments Tuesday rose by Rs350/mt ($4.71/mt) each to settle at Rs24,100/mt and Rs25,100/mt ex-Alang.
Heavy rainfall in the western coast has slowed down the production in major yards causing a shortage of scrap in the domestic market. Shipbreakers have increased their offer sensing a gradual rise in demand from re-rollers. The daily Davis Index for 4Ani rose by Rs150/mt to settle at Rs26,450/mt ex-Alang, the index for 6Ani rose by Rs200/mt to Rs27,450/mt ex-Alang.
Few trades were heard for 8Ani at the index price. The daily Davis index for 8Ani rose by Rs200/mt to Rs28,900/mt ex-Alang. The index for 10Ani rose by Rs350/mt to Rs29,400/mt ,12Ani rose by Rs200/mt to Rs29,600/mt ex-Alang.
Demand for steel plates is hampered due to heavy rains in central and western India, however, mills from the North are gradually booking plates. The index for 1kg plates rose by Rs300/mt to Rs25,350/mt ex-Alang.
Two vessels were beached recently, M.T Avatar, an oil tanker with 2,144ldt from Finland, and M.V Georgy Moskovskiy, a fishing vessel with 3,933ldt. Six more ships are expected to beach at Alang in the near term and fifteen of them have already beached in August.