Indian shipbreaking prices witnessed an uptick after declining for four straight days this week on the back of rise in demand from the local Gujarat market. Mills are still buying only bases on requirements. However, shortage of raw material persist in the market.
The daily Davis Index for 4Ani rose by Rs300/mt ($4.13/mt) to Rs32,300/mt ex-Alang. Suppliers increased offers amid shortage of tonnage in the yards.
The Index for 8Ani and 10Ani rose by Rs200/mt each to Rs34,700/mt and Rs35,300/mt, respectively, ex-Alang. Demand from the rolling mills in Mandi Gobindgarh is still under pressure due to the ongoing traders’ strike.
The index for 14Ani rose by Rs300/mt to Rs36,100/mt ex-Alang and the index for 12Ani rose by Rs200/mt to Rs35,800/mt ex-Alang.
Global markets weakened throughout the week impacting the domestic scrap prices, but its shortage kept the prices firm.
The daily Davis Index for HMS attachments and Melting rose by Rs400/mt each to Rs31,400/mt and Rs30,400/mt ex-Alang, respectively.