Shipbreaking scrap prices in Alang kept trending up for the fourth consecutive day as demand from rolling mills remained firm in Mandi Gobindgarh. Mills in Gujarat were also seen buying ferrous scrap on a need basis as sales of finished steel remained limited.
The daily Davis Index for 4Ani rose by Rs200/mt ($2.68/mt) to Rs39,800/mt ex-Alang and the index for 6Ani rose by Rs300/mt to Rs42,000/mt ex-Alang.
The ongoing monsoon season delayed transportation which led to a shortage of material at the mills, the index for 10Ani rose by Rs500/mt to Rs44300/mt ex-Alang and the index for 14Ani rose by Rs500/mt to Rs44500/mt ex-Alang.
Ship plate prices also rose on Thursday as supplies tightened and demand remained firm, the daily Davis Index for 2kg plates rose by Rs200/mt to Rs40,800/mt ex-Alang and the index for 5kg plates rose by Rs400/mt to Rs42,500/mt ex-Alang.
Ferrous scrap prices could remain firm amid tight supply, however, mills are waiting for the monsoons to recede, which could lead to an improvement in sales.
The daily Davis Index for HMS attachments and melting rose by Rs500/mt each to Rs37600/mt and Rs36600/mt ex-Alang respectively.