The daily Davis Index for 6Ani rose by Rs450/mt ($6.13/mt) to Rs33,900/mt ($462.38/mt) ex-Alang amid healthy demand from the rolling mills, however, supply remained tight.
The daily Davis Indexes for 12Ani and 14Ani rose by Rs200/mt each to Rs36,550/mt ex-Alang and Rs36,650/mt ex-Alang, respectively, with deals concluding at index price. Currently, whatever tonnage is available with the shipbreakers is getting sold at high prices.
The daily Davis Indexes for 0.5kg and 1kg plates rose by Rs200/mt each to Rs32,400/mt ex-Alang and Rs32,300/mt ex-Alang, respectively. A few trades were reported at index price.
The mills are stocking up in anticipation of further rise in scrap prices along with revival of finished steel demand in 2021. The supply for imported scrap is limited amid container shortage, vessel delays and New Year holidays in different parts of the world.
The daily index for HMS attachments and Melting increased by Rs200/mt each to Rs32,200/mt and Rs31,200/mt, ex-Alang, respectively, with deals concluding at index price.