The daily Davis Indexes for 12Ani and 14Ani rose by Rs300/mt ($4.09/mt) each to Rs35,750/mt ($487.85/mt) and Rs35,550/mt ($485.12/mt) ex-Alang, respectively, amid healthy demand from the rolling mills in Mandi Gobindgarh and Gujarat. However, demand has outpaced supply. Some deals were reported at the current levels.
The daily Davis Index for 5kg plates increased by Rs200/mt to Rs32,300/mt ex-Alang, in line with rising finished steel prices due to stable demand from Gujarat.
The daily index for HMS attachments and Melting rose by 100/mt each to Rs30,800/mt and Rs29,800/mt ex-Alang, respectively. Deals concluded at these prices.
Prices’ direction is uncertain with some shipbreakers expecting demand to remain stable for next few days while some mills indicating prices could drop due to declining imported scrap prices. The price for HMS 1&2 (80:20) UK/EU-origin dropped by $5/mt to $431/mt cfr on January 15 from the prior week.