Shipbreaking scrap maintained its uptrend on Thursday after market reopened from a day’s break on Wednesday.
The daily index for 8Ani rose by Rs1,150/mt ($15.81/mt) to Rs34,700/mt ($477.29/mt) ex-Alang, amid healthy demand from the rolling mills in Mandi Gobindgarh and Gujarat. Mills are preferring scrap from Alang over imported scrap amid tight supply.
The daily index for 5kg plates rose by Rs900/mt to Rs33,450/mt ex-Alang amid rising demand for finished steel with positive signs from road infrastructure sector.
The daily Davis Index for HMS attachment and Melting settled flat at Rs29,750/mt and Rs28,750/mt ex-Alang, respectively, with deals reported at index price. Shipbreakers expect the prices to remain firm in the near term.