Shipbreaking scrap prices rose amid firm demand from the local rolling mills. The Davis indexes for HMS attachments and Melting, Monday, increased by Rs1,100/mt ($14.74/mt) each to Rs36,000/mt and Rs35,000/mt ex-Alang, respectively.

 

Shipbreakers increased re-rolling scrap offers amid tight supply. The daily Davis Index for 4Ani rose by Rs900/mt to Rs39,700/mt ex-Alang and the index for 6Ani rose by Rs500/mt to Rs40,700/mt ex-Alang.

 

Demand for TMT in Maharashtra has picked up after a long break. Mills are trying to stock their raw material inventories for immediate melt requirements ahead of the monsoon.

 

The index for 10Ani rose by Rs600/mt to Rs42,300/mt ex-Alang, and the index for 14Ani rose by Rs400/mt to Rs42400/mt ex-Alang.

 

Ship plate prices also rose in line with re-rolling scrap prices. The index for 1kg plates rose by Rs200/mt to Rs36,200/mt ex-Alang, and the index for 5kg plates rose by Rs700/mt to Rs41,300/mt ex-Alang.

 

Most market participants are still adopting a wait-and-watch strategy, while traders believe ferrous scrap prices could come under pressure as the monsoon intensifies.

 

($1=Rs74.60)

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