Indian shipbreaking scrap prices continued to rise on Friday amid a shortage of material at yards. The daily Davis Index for 4Ani rose by Rs400/mt ($5.49/mt) to Rs33,000/mt ex-Alang. The index for 6Ani rose by Rs100/mt to Rs33,700/mt ex-Alang.
Apart from the shortage of raw material, traders in the local market also raised concerns about the low availability of containers, which is raising transit costs.
The index for 8Ani rose by Rs250/mt to Rs35,500/mt ex-Alang and the index for 10Ani rose by Rs400/mt to Rs36,150/mt ex-Alang. Demand from the rolling mills remained firm and the index for 2kg plates rose by Rs600/mt to Rs33,500/mt ex-Alang. The index for 5kg plates rose by Rs400/mt to Rs34,500/mt ex-Alang.
Rising COVID-19 cases and the fear of lockdown or other restrictions are forcing mill owners to procure raw material in a staggered manner. Most mills expect markets to stay firm ahead of the Holi festival.
The daily Davis Index for HMS attachments and Melting rose by Rs200/mt each to Rs32,350/mt and Rs31,350/mt respectively ex-Alang.