Shipbreaking scrap prices in Alang rose for the second day amid tight supply. Mills procured scrap on a need basis as demand from the end-users is yet picked up.
The daily Davis Index for 4Ani rose by Rs500/mt ($6.83/mt) to Rs39,300/mt ex-Alang, and the index for 8Ani rose Rs1,000/mt to Rs41000/mt ex-Alang.
Yard’s owners have increased their offers for the re-rolling scrap supported by a shortage of tonnage, and the daily Davis Index for 10Ani rose by Rs1000/mt to Rs41,000/mt ex-Alang. The index for 12Ani rose by Rs900/mt to Rs40,900/mt ex-Alang.
Market participants expect a further price rise in the ferrous scrap market as major steel players have increased their finished steel prices.
Ship plate prices also remained firm due to the slowdown in gas-cutting activities. The index for 1kg plates rose by Rs200/mt to Rs37,200/mt ex-Alang, and the index for 5kg plates rose by Rs300/mt to Rs40,300/mt ex-Alang
Traders are waiting for the lockdown restrictions to ease, which could improve the demand in the domestic market.
The daily Davis Index for HMS attachments and Melting rose by Rs200/mt to Rs37000/mt and Rs36000/mt ex-Alang, respectively.