The daily index for 4Ani rose by Rs250/mt ($3.45/mt) to Rs32,100/mt ($443.32/mt) ex-Alang, on the back of strong global cues. Demand for scrap, however, is lower than shipbreakers’ expectations. Steel demand in India is likely to stay firm in the coming days. Trades for scrap could, therefore, pick up in the coming days.
The index for 0.5kg plates and 1kg plates rose by Rs100/mt each to Rs31,300/mt and Rs31,200/mt ex-Alang. Although sales are under pressure, shipbreakers were unwilling to reduce offers amid anticipation of demand picking up in the coming days.
The daily Davis Index for HMS attachment and Melting registered an uptick of Rs50/mt to settle at Rs31,050/mt and Rs30,050/mt ex-Alang, respectively. Supply of domestic scrap remains low.