Shipbreaking scrap prices continued to rally amid firm demand from Gujarat-based rolling mills. The daily Davis Index for 4Ani rose by Rs300/mt ($4.10/mt) to Rs40,000/mt ex-Alang and the index for 10Ani rose by Rs300/mt to Rs41,800/mt ex-Alang.
Yards continued to face a shortage of tonnages and oxygen cylinders, which made them increase their offers for re-rolling scrap.
The index for 14Ani rose by Rs300/mt to Rs41,800/mt ex-Alang.
The daily Davis Index for 1kg plates rose by Rs300/mt to Rs38,000/mt ex-Alang, and the index for 2kg plates rose by Rs400/mt to Rs4,1000/mt ex-Alang.
Large-scale mills in India continued to tap export markets as domestic demand is low. A partial easing of the lockdown in many regions could give finished steel demand a lift in the near term.
Market participants also expect prices to improve further amid domestic supply crunch and rising iron ore prices.
The daily Davis Index for HMS attachments and Melting rose by Rs300/mt each to Rs37,800/mt and Rs36,800/mt ex-Alang, respectively.