Shipbreaking scrap prices rose on Thursday amid a revival in demand from the rolling mills in Gujarat. Mills stocked their raw material inventories amid a pick up in export orders.
The daily Davis Index for HMS attachments and Melting rose by Rs400/mt ($5.39/mt) each to Rs37,900/mt and Rs36,600/mt ex-Alang, respectively.
Shipbreakers increased their offers for rolling scrap on tight supply of material owing to the low availability of ships for recycling. The daily Davis Index for 4Ani and 6Ani rose by Rs200/mt each to Rs40,000/mt and Rs41,200/mt ex-Alang, respectively.
Ship plate prices also rose in line with rolling scrap, the index for 1kg plates rose by Rs400/mt to Rs38,200/mt ex-Alang and the index for 5kg plates rose by Rs300/mt to Rs41,700/mt ex-Alang.
The index for 14Ani and 8Ani rose by Rs200/mt each to Rs43,600/mt and Rs42,700/mt ex-Alang, respectively.
Market participants expect shipbreaking scrap prices to remain firm amid supply concerns in the West.