Shipbreaking scrap prices remained firm on Tuesday amid a gradual increase in demand from rolling mills in the North. The daily Davis Index for 14Ani increased by Rs200/mt($2.74/mt) to Rs30,350/mt ex-Alang.
India ship recyclers are facing a shortage of tonnages as only vessels designated for green recycling are reaching Alang. The index for 4Ani increased by Rs150/mt to Rs27,000/mt ex-Alang, few transactions are reported at the index price.
The index for 10Ani and12Ani rose by Rs200/mt each to Rs30,200/mt and Rs30,400/mt ex-Alang, respectively.
Demand from local mills are low amid heavy monsoon in the western coast, construction activities are hampered, however, demand from the auto segment has started to pick up. The index for 1kg plates rose by Rs100/mt to Rs25,950/mt ex-Alang, 2kg plates rose by Rs300/mt to Rs27,900/mt ex-Alang.
The numbers in COVID-19 cases within the subcontinent are increasing, with India recording an all-time high of 80,000 cases a day. This trend is worrying steelmakers who are delaying scrap purchases on fears of uncertainty.
The daily Davis Index for HMS attachments and Melting rose by Rs150/mt each to Rs25,800/mt and Rs24,800/mt ex-Alang, respectively.
($1=Rs72.93)