Indian shipbreaking scrap price rose consecutively for the second day on increased demand from rolling mills. The daily Davis Index for 10Ani Tuesday rose by Rs500/mt ($6.68/mt) to Rs28,950/mt ex-Alang. Few transactions were reported at the index price.
Labours have started returning to work and demand for ferrous scrap has increased in the domestic markets. Price of finished steel and semis have improved on account of limited imports from neighbouring countries.
The daily Davis Indexes for 4Ani increased by Rs250/mt to Rs26,750/mt ex-Alang, 12Ani rose by Rs500/mt to Rs28,950/mt, 14Ani rose by Rs350/mt to Rs28,900/mt ex-Alang.
Demand for plates have increased as rolling mills are buying more raw material with the expected pick up of real estate construction activity. The index for 5kg plates rose by Rs300/mt to Rs27,650/mt ex-Alang, index for 1kg plates rose by Rs200/mt to Rs24,150/mt ex-Alang.
Monsoon has reached the western coast of India and many mills are keen on stocking raw materials to avoid shortage in the near term. Ferrous scrap prices have been increasing lately and are expected to rise further. The index for HMS attachments and Melting Tuesday rose by Rs200/mt to Rs23,850/mt and 22,850/mt ex-Alang, respectively.