Shipbreaking scrap prices rose on Friday amid supply crunch.Mills preferred to procure scrap on need basis due to sluggish steel demand from end-users
The daily Davis Index for 14Ani rose by Rs300/mt($4.02/mt) to Rs42,000/mt ex-Alang and the index for 6Ani rose by Rs200/mt to Rs39,800/mt ex-Alang.
Yards raised offers for the re-rolling scrap as availability of tonnages remained low, the daily Davis Index for 8Ani rose by Rs300/mt to Rs41300/mt ex-Alang and the index for 12Ani rose by Rs300/mt to Rs42,000/mt ex-Alang.
Ship plate prices were up following the re-rolling scrap trend and the daily Davis Index for 1kg plates rose by Rs400/mt to Rs35,200/mt ex-Alang. The index for 5kg rose by Rs200/mt to Rs40,200/mt ex-Alang.
Mills focussed on exports as domestic demand remained low. Ferrous scrap prices could, therefore, have a limited downfall.
The daily Davis Index for HMS attachments and melting rose by Rs400/mt each to Rs35,000/mt and Rs34,000/mt ex-Alang respectively.