Shipbreaking scrap prices rose in India supported by an uptick in ingot prices in Mandi. Prices for ingots rose by Rs300-400/mt($3.96-5.28/mt) amid gradual improvement in demand from finished steel manufacturers.
The daily Davis Indexes for 8Ani rose by Rs300/mt to Rs26,050/mt and 6Ani rose by Rs200/mt to Rs25,350/mt ex-Alang.
Before the monsoon season reaches its peak, shipbreakers are looking to clear their inventories as demand usually declines during the rains. The daily Davis Index for 10Ani rose by Rs450/mt to Rs26,500/mt ex- Alang and a few trades were heard at the index price. The daily index for 12Ani rose by Rs450/mt to Rs26700/mt ex – Alang.
The daily Davis Index for Melting increased by Rs300/mt to Rs21,250/mt ex-Alang.
A car carrier named Arcadia highway of 12,500ldt is set to arrive at Alang. Trade for the vessel was heard at $285/ldt. Another car carrier named Pegasus highway was bought at $281/ldt. Pegasus has a tonnage of 12,750ldt and is expected to arrive in Alang next month.