Shipbreaking scrap prices remained firm on Thursday as mills were keen to restock raw material inventories before prices increase further price due to tight supply. International offers for ferrous scrap are also increasing.
The daily Davis Index for 4Ani rose by Rs200/mt ($2.71/mt) to Rs41,200/mt ex-Alang and the index for 6Ani rose by Rs300/mt to Rs42,100/mt ex-Alang.
As Alang is still facing shortage of tonnage, yard owners have increased offers for re-rolling scrap. The daily indexes for 8Ani and 10Ani rose by Rs300/mt each to settle at Rs42100/mt ex-Alang.
Ship plates prices also followed the similar trend due to the slowdown in gas cutting activities. The index for 1kg and 2 kg plates rose by Rs300/mt each to Rs41,100/mt and Rs42,000/mt respectively ex-Alang.
Mills in India are focusing more on export markets as the lockdown has dampened domestic sales of finished steel.
The daily Davis Index for HMS attachments and Melting rose by Rs100/mt each to Rs40,600/mt and Rs39,600/mt ex-Alang, respectively.