Indian shipbreaking rolling prices rose on Tuesday amid rise in demand from the rolling mills in the North and Gujarat. The daily Davis Index for 8Ani rose by Rs350/mt($4.74/mt) to Rs28,900/mt ex-Alang.
Few transactions were heard at the index price for 4Ani, 6Ani and 10Ani. The daily Davis Index for 4Ani rose by Rs200/mt to Rs26,200/mt ex-Alang, 6Ani rose by Rs200/mt to Rs27,200/mt and 10Ani increased by Rs200/mt to Rs29,400/mt ex-Alang.
Demand is picking up from the auto sector which is giving boost to the raw material prices. Demand for steel plates also increased on Tuesday. The daily Davis Index for 1kg plates rose by Rs200/mt to Rs25,650/mt ex-Alang. The index for 2kg plates rose by Rs250/mt to Rs26,950/mt ex-Alang, with transactions reported at the index price.
Shipbreakers are expecting prices to remain firm with the approaching festive season. Prices of finished steel have increased in September.
Local availability of ferrous scrap is scarce in the domestic market, and the gradual increase in demand from the mills is pushing HMS attachments and Melting prices up. The daily Davis Index for HMS attachments and Melting rose by Rs250/mt each to Rs25,600/mt and Rs24,600/mt ex-Alang, respectively.