Indian shipbreaking rolling scrap prices rose for the second consecutive day amid gradual rise in demand from rolling mills in Mandi Gobindgarh and Gujarat. The daily Davis Index for 4Ani rose by Rs150/mt ($2.04/mt) to Rs26,350/mt ex-Alang.
Shipbreakers increased their offers on Tuesday as operational cost hiked and yard owners are paying more than double for oxygen cylinders. The index for 6Ani rose by Rs150/mt to Rs27,350/mt ex-Alang.
Few trades were reported at index price for 8Ani the daily index for which rose by Rs200/mt to Rs28,600/mt ex-Alang. The index for 10Ani rose by Rs150/mt to Rs29,050/mt ex-Alang.
Mills were heard stocking up raw material inventories in a staggered manner. The index for 14Ani rose by Rs300/mt to Rs29400/mt ex-Alang.
Demand for ship plates also rose on Tuesday from automakers and infrastructure companies. The index for 2kg and 5kg plates rose by Rs300/mt each to Rs27,050/mt and Rs28,050/mt ex-Alang, respectively.
Ferrous scrap prices in Alang followed a similar trend and rose amid demand push. The daily Davis Index for HMS attachments and Melting rose by Rs200/mt each to Rs25,300/mt and Rs24,300/mt ex-Alang, respectively. Shipbreakers are expecting the scrap prices to improve.
($1=Rs73.31)