Shipbreaking scrap prices in India increased for the fourth day, aided by healthy demand from mills in Mandi Gobindgarh.
The daily Davis Indexes for 12Ani and 10Ani rose by Rs250/mt ($3.39/mt) to Rs29,300/mt ($397.86/mt) ex-Alang and Rs29,100/mt ($395.12/mt) ex-Alang, respectively, with transactions at the index prices.
Finished steel demand for the past few days has been on the mend, aiding mills to book scrap. The daily Davis Indexes for 6Ani rose by Rs100/mt to Rs27,450/mt ex-Alang and for 14Ani rose by Rs150/mt to Rs29,300/mt ex-Alang.
Trades for plates picked up amid expectations of a stronger auto market in the coming days. With the rainy season also on the path to withdrawal, most construction sites have resumed activities, thus generating demand for structural steel.
The daily Davis Indexes for 1kg plates rose by Rs250/mt to Rs25,800/mt ex-Alang, and 2kg and 5kg plates both rose by Rs200/mt to Rs27,100/mt and Rs28,100/mt ex-Alang, respectively.
A tight supply, coupled with increased bookings by mills in Gujarat and Mandi Gobindgarh, gave melting scrap prices a lift. The daily Davis Index for HMS attachments and Melting rose by Rs200/mt each to Rs25,600/mt and Rs24,600/mt ex-Alang, respectively.