Indian shipbreaking scrap prices settled flat on Thursday amid the ongoing traders’ strike in Mandi Gobindgarh. Trades thinned and suppliers are waiting for the markets to reopen in Mandi. Local market in Gujarat was also silent amid low demand from the rolling mills.
The daily Davis index for 4Ani settled unchanged at Rs32,000/mt ($441/mt) ex-Alang and the index for 6Ani declined by Rs100/mt to Rs32,700/mt ex-Alang.
Mills are preferring to buy raw materials only if the requirement is urgent and scrap suppliers are reducing their offers to attract more bids. The daily Davis Indexes for 12Ani and 14Ani declined by Rs100/mt each to Rs35,600/mt and Rs35,800/mt ex-Alang, respectively.
Demand for shipbreaking plates remained subdued. The daily Davis Indexes for 1kg and 5kg plates settled flat at Rs31,200/mt and Rs33,500/mt ex-Alang, respectively.
Traders are expecting prices to remain under pressure this week, and many are still waiting to get a clear price direction.
The daily Davis Index for HMS attachments and Melting settled flat at Rs31,000/mt and Rs30,000/mt ex-Alang on Thursday.
Of late, Alang is witnessing shortage of tonnage as the shipbreaking offers from the neighboring countries like Bangladesh and Pakistan were higher than Indian offers. There were unconfirmed reports of a ship recycler in Alang booking a vessel at Rs500/ldt, which is higher than the usual offers.