Indian shipbreaking scrap prices remained firm on Monday as demand for finished steel has not yet picked up and traders are in ‘wait and watch’ mode.
The daily Davis Indexes for 4Ani rose by Rs100/mt ($1.36/mt) to Rs26,000/mt ex-Alang, and for 6Ani, it rose by Rs100/mt to Rs27,000/mt ex-Alang.
The workforce that had migrated back to their hometowns during the lockdown are now back in Alang, which is increasing the pace of work at all facilities. Ironically, India is witnessing a massive surge in COVID-19 cases.
Few trades were heard for 8Ani at the Davis Index price, which rose by Rs50/mt to Rs28,100/mt ex-Alang.
Demand from auto industry is slowly picking up as people are buying personal vehicle to avoid public transport due to the pandemic.
The index for 12Ani settled flat at Rs28,800/mt ex-Alang and the index for 14Ani declined by Rs100/mt to Rs28,800/mt ex-Alang.
Demand for steel plates was firm as the indexes for 2kg plates rose by Rs200/mt to Rs26,800/mt ex-Alang and for 5kg plates it rose by Rs100/mt to Rs27,800/mt ex-Alang.
Availability of scrap in the local market is low, hence shipbreakers have increased their offers gradually. The index for HMS attachments and Melting rose by Rs150/mt each to Rs25,300/mt and Rs24,300/mt ex-Alang, respectively.