Shipbreaking scrap prices rose on Tuesday as demand from mills in Gujarat gained momentum and trades increased.

 

The daily Davis Index for 4Ani rose by Rs300/mt ($4.04/mt) to Rs38,300/mt ex-Alang and the index for 6Ani rose by Rs700/mt to Rs40,500/mt ex-Alang.

 

Mills have started building raw material inventories as they expect steel demand to increase amid receded monsoons resulting in resumed construction activities.

 

The index for 8Ani rose by Rs400/mt to Rs42,100/mt ex-Alang and the index for 10Ani rose by Rs300/mt to Rs42,600/mt ex-Alang.

 

Ship plate prices also rose in a similar trend and the index for 1kg plates rose by Rs500/mt to Rs36,200/mt ex-Alang and the index for 5kg plates rose by Rs400/mt to Rs41,200/mt ex-Alang.

 

Availability of scrap remained limited in the domestic markets leading to a hike in scrap offers. The daily Davis Index for HMS attachments and Melting rose by Rs500/mt each to Rs36,100/mt and Rs35,300/mt ex-Alang, respectively.

 

($1= Rs74.2)

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