Demand from rolling mills for shipbreaking scrap has been healthy for a second successive week. Thus, the daily Davis Index for 4Ani increased by Rs200/mt ($2.67/mt) to Rs26,950/mt ex-Alang.
Recyclers prioritized clearing their piled-up inventories before yards shut for the monsoons. The index for 6Ani rose by Rs250/mt to Rs27500/mt ex-Alang. Few trades were reported at the index price.
Laborers are gradually returning to work and mills focussed on ramping up production to clear their backlog. Trades for 12Ani, therefore, increased giving its prices a lift. The index for the scrap grade increased by Rs100/mt to Rs29050/mt ex-Alang.
The indexes for 8Ani rose by Rs100/mt to Rs28450/mt ex-Alang,14Ani rose by Rs150/mt to Rs29050/mt ex-Alang.
Demand for plates also remained bullish with the index for 2kg and 5kg plates rising by Rs100/mt to Rs27,250/mt and Rs27,750/mt, respectively, ex-Alang.
Prices for HMS attachments and Melting, however, took a breather on Wednesday. The daily Davis Index for HMS attachments and Melting declined by Rs200/mt to Rs23,650/mt and Rs22,650/mt ex-Alang, respectively.
Shipbreakers are expecting scrap prices to sustain for the next few days, at least till peak monsoon slows down production.
($1= Rs74.74)