Indian shipbreaking melting scrap prices rose on Tuesday amid rise in demand from the rolling mills in the North. Demand from the local mills in Gujarat has also picked-up supporting raw material prices.
The daily Davis Index for 4Ani and 6Ani rose by Rs450/mt ($6.12/mt) each to Rs26,000/mt and Rs27,000/mt ex-Alang, respectively.
Demand from the mills is gradually picking-up, however, there is shortage of raw material in the domestic market. The index for 8Ani rose by Rs300/mt to Rs28,200/mt ex-Alang, and a few transactions were reported at the index price. The index for 10Ani also rose by Rs300/mt to Rs28,700/mt ex-Alang.
Shipbreakers raised their offers anticipating the current demand. The indexes for 12Ani rose by Rs200/mt to Rs28,750/mt ex-Alang and for 14Ani rose by Rs200/mt to Rs28900/mt ex-Alang. Transactions for 14Ani were heard at the index price.
Demand for steel plates also rose in line with the melting prices as rains subsided and utilization of steel from the infrastructure sector is increasing. The daily Davis Index for 2kg and 5kg plates rose by Rs300/mt each to Rs26,800/mt and Rs27,800/mt ex-Alang, respectively.
The index for HMS attachments and Melting rose by Rs500/mt each to Rs25,100/mt and Rs24,100/mt ex-Alang, respectively.