Shipbreaking scrap prices in Alang remained mixed for the second consecutive day amid domestic scrap shortage. The daily Davis Indexes for 8Ani and 10Ani increased by Rs100/mt ($1.35/mt) each, to Rs28,350/mt ($382.89/mt) and Rs28,850/mt ($389.65/mt) ex-Alang, respectively. Trades were heard at the index price.
Shipbreakers raised their offers anticipating an increase in demand. The daily Davis Indexes for 12Ani and 14Ani rose by Rs50/mt each to Rs29,100/mt and Rs29,200/mt ex-Alang, respectively.
The daily Davis Indexes for 0.5kg plate ad 1kg plate increased by Rs100/mt each to Rs25,800/mt ex-Alang and Rs25,700/mt ex-Alang, respectively, amid steady demand.
The indexes for 2kg and 5kg plate, however, dropped by Rs50/mt each to Rs26,950/mt and Rs27,950/mt ex-Alang, respectively.
Steel mills in the North and Gujarat preferred to buy scrap from Alang amid rising import scrap prices. Moreover, the mills in Mandi are dealing with unprecedented shortage of Sponge iron on the back of scarcity of iron ore.
The index for HMS attachment and Melting rose by Rs100/mt each to Rs25,600/mt and Rs24,600/mt ex-Alang, respectively.
Sources told Davis Index that a vessel named Karnika was sold at an auction in Alang for recycling at $11.65mn or $390 per ldt. Shipbreakers expect the prices to increase as local demand gradually increases.
($1=Rs74.04)