As anticipated by recyclers, the shipbreaking scrap market after Diwali continued to remain bullish. Amid expectations of strong steel demand in the days to come, rolling scrap sales were healthy on Tuesday.
The Davis Indexes for 8Ani and 14Ani, Tuesday, rose by Rs1,000/mt ($13.40/mt) from last Thursday to Rs29,200/mt ($391.43/mt) and Rs30,000/mt ($402.16/mt) ex-Alang, respectively. While the index for 10 Ani rose by Rs900/mt to Rs29,700/mt ex-Alang on Tuesday. Most mills in Gujarat stocked rolling scrap expecting to ramp-up production.
Among other rolling scrap grades, the indexes for 4 Ani increased by Rs850/mt to Rs27,500/mt ex-Alang, and 12 Ani rose by Rs950/mt to Rs29,900/mt ex-Alang, with trades at the respective index price.
Soon as laborers return after the Diwali holidays, construction activities could resume in full swing. These expectations drove demand for plates, and the index for 0.5kg plate rose by Rs950/mt to Rs27,700/mt ex-Alang, while for 1g plates, it rose by Rs1,150/mt to Rs27,800/mt ex-Alang.
With the economy and manufacturing in India both on the mend, the market sentiment remains positive. The Davis Index for HMS attachments and Melting rose by Rs900/mt each to Rs27,500/mt and Rs26,500/mt, respectively, with deals concluding at the index price.
($1=Rs74.59)