Shipbreaking scrap prices in Alang remained firm on Wednesday amid tight supply. Demand, however, is weak as rolling mills continued to buy material only on a need basis with demand for finished steel under pressure due to the ongoing monsoon season.
The daily Davis Index for 4Ani settled flat at Rs39,600/mt ($530/mt) ex-Alang, and the index for 6Ani rose by Rs100/mt to Rs41,700/mt ex-Alang.
Yard owners kept offers firm due to the limited availability of tonnages for demolition. The index for 8Ani rose by Rs200/mt to Rs43,300/mt ex-Alang, and the index for 10Ani rose by Rs200/mt to Rs43,800/mt ex-Alang.
Ship plate prices also rose in line with rolling scrap prices, and the daily Davis Index for 2kg and 5kg plates rose by Rs100/mt to Rs40,600/mt and Rs42,100/mt ex-Alang, respectively.
The daily Davis Index for HMS attachments and melting rose by Rs100/mt to Rs37,100/mt and Rs36,100/mt ex-Alang, respectively.
The continued shortage could keep ferrous scrap prices supported this week.