Indian shipbreaking prices rallied Tuesday amid increased demand from rolling mills in Mandi Gobindgarh and Gujarat. The daily Davis Index for Melting rose by Rs1,000/mt ($13.32/mt) to Rs23,150/mt ex-Alang. The index for HMS attachments increased by Rs1,000/mt to Rs24,150/mt ex-Alang.
Re-rolling scrap prices rose by Rs600-700/mt. The index for 10Ani Tuesday rose by Rs700 to Rs29,150 ex-Alang. The daily Davis Index for 12Ani rose by Rs650 to Rs29,350/mt ex-Alang. The index for 14Ani rose by Rs650/mt to Rs29,350/mt ex-Alang.
Few trades were heard for 4Ani and 6Ani. The daily index for 4Ani settled at Rs27,300/mt, up by Rs600/mt while the index for 6Ani increased by Rs850/mt to Rs28,000/mt, transactions were reported at index price.
Demand for steel plates increased pushing index prices up for 1kg plates by Rs1,000/mt to Rs24,450/mt and the index for 2kg plates rose by Rs300/mt to Rs27,250/mt. There is a shortage of steel plates which also supported higher prices. Manpower shortage, especially skiller gas cutters, is hampering dismantling process at yards and has resulted in a short supply of plates.
Shipbreakers have raised their offers on increased demand from mills. Mills are stocking up raw material inventories amid a shortage of domestic scrap which is likely to push prices higher in the coming weeks.