Re-rolling scrap prices were firm amid a continued shortage of tonnage as only a few scrapped vessels have beached at Alang for dismantling in the past couple of months. Mills in Gujarat bought limited volumes until last week. Sellers are bullish as they believe trading could pick up in the coming days as local governments have started easing lockdown restrictions in many parts.
The Davis Index for 8Ani rose by Rs300/mt ($4.09/mt) from Friday to Rs42,100/mt ex-Alang, while the index for 10Ani rose by Rs100/mt to Rs42600/mt ex-Alang.
Monsoons have slowed down domestic steel demand, especially in the construction sector. Most large-scale mills, therefore, continued to focus on export orders. The index for 12Ani rose by Rs300/mt to Rs42,900/mt ex-Alang on Monday.
Ship plate prices also rose because of the short supply, and the index for 2kg plates and 5kg plates rose by Rs600/mt to Rs38,500/mt and Rs40,800/mt ex-Alang, respectively.
On Monday, offers for Melting and HMS attachments, however, declined amid limited buying. The index for HMS attachments and Melting fell by Rs100/mt to Rs38400/mt and Rs37400/mt ex-Alang, respectively.
A scrapped container ship named ‘DOLE COSTA RICA’ with 8,308ldt at $593/ldt was recently sold in India.