Shipbreaking scrap continued its upward trend on Friday driven by demand. The daily Davis index for 14Ani rose by Rs1,150/mt ($15.85/mt) to Rs35,800/mt ($493.69/mt) ex-Alang, amid healthy demand from rolling mills in Mandi Gobindgarh and Gujarat.
The daily index for 2kg plates rose by Rs1,300/mt to Rs32,650/mt ex-Alang on the back of infrastructure sector receiving a push from the government. Deals were reported at index level.
Amid rising imported scrap prices and domestic supply crunch, mills preferred to buy rolling scrap which gave prices a lift. The daily Davis Index for HMS attachment and Melting rose by Rs1,250/mt each to Rs31,000/mt and Rs30,000/mt ex-Alang.