Indian shipbreaking scrap prices Friday continued to move northwards amid higher offers due to a shortage of scrap in the market. Trades thinned as rolling mills shied away from new purchases.
The daily Davis Index for 4Ani rose by Rs300/mt ($3.93/mt) to Rs24,150/mt ex-Alang while the index for 8Ani rose by Rs300/mt to Rs25,650/mt ex-Alang.
Overall demand for finished steel has dropped in India which has pulled down the prices of ingots in Mandi Gobindgarh to Rs30,400/mt del mills. Labour shortage continued to hamper demolition activities and slowed down production, leading to a short supply of raw material.
The daily Davis Index for 14Ani rose by Rs300/mt to Rs26,350/mt, 1kg plates rose by Rs275/mt to Rs22,850/mt, the index for Melting and HMS attachments rose by Rs100/mt to Rs21450/mt and Rs22,450/mt ex-Alang, respectively.
Few vessels were beached this week as shipbreakers slowed down their bidding for ships as they are expecting the vessel prices to drop in the near term.