Shipbreaking scrap prices rose for the third consecutive day due to firm demand from mils in Gujarat.
The daily Davis Index for 4Ani rose by Rs500/mt ($6.73/mt) to Rs38,700/mt ex-Alang and the index for 6Ani rose by Rs400/mt to Rs40,900/mt ex-Alang.
Scrap supply remained tight in Gujarat which led shipbreakers to raise offers, the index for 10Ani increased by Rs200/mt to Rs43,000/mt ex-Alang and the index for 14Ani rose by Rs300/mt to Rs43,300/mt ex-Alang.
Construction activities resumed as monsoon retreated, as a result, demand for steel increased. The index for 1kg plates rose by Rs600/mt to Rs37,400/mt ex-Alang and the index for 5kg plates rose by Rs500/mt to Rs41,800/mt ex-Alang.
Scrap prices could remain firm amid limited availability, the daily Davis Index for HMS 1&2 (80:20) rose by Rs500/mt each to Rs37,300/mt and Rs36,300/mt ex-Alang, respectively.