Indian shipbreaking scrap prices were unchanged on Tuesday due to subdued demand from re-rolling mills. The daily Davis Index for Melting settled flat at Rs21,000/mt ($280.35/mt) ex-Alang. A few trades were heard at the index price.
Demand from Mandi Gobindgarh still looks bleak but limited trades with mills in Gujarat, Rajasthan and Uttar Pradesh continued. Inquiries for steel plates increased over the prior week compared to those for HMS attachments and Melting scrap.
The daily Davis Indexes for 10Ani and 8Ani settled flat at Rs27,550/mt and Rs25,150/mt ex-Alang, respectively. The index for HMS attachments settled at Rs2,2000/mt ex -Alang, also unchanged.
Shipbreakers expect the scrap prices to remain rangebound until the monsoon ends and are hopeful for demand to increase post the Diwali festival.
The daily Davis Index for 12Ani declined by Rs25/mt to Rs27650/mt ex-Alang. The index for 1kg plates declined by Rs 125/mt to Rs22,250/mt ex-Alang.
Around 12 vessels have arrived at Alang port with total tonnage of 198,064ldt.