Indian shipbreaking scrap prices rose consecutively for the second day by Rs200-400/mt. Shipbreakers raised their offers on Tuesday amid supply crunch. Since, few cities are again under lockdown, demand from rolling mills has dropped as they are unable to stock raw material.
The daily Davis Index for 14Ani rose by Rs400/mt to Rs28,950/mt ex-Alang, the index for 4Ani rose by Rs350/mt to Rs25,950/mt ex-Alang.
Trades thinned amid subdued demand from the end users. The daily Davis Index for 12Ani rose by Rs300/mt to Rs28,850/mt and the index for 10Ani rose by Rs400/mt to Rs28,650/mt ex-Alang.
Shipbreakers are expecting demand to remain under pressure due to heavy monsoon which has slowed down the dismantling activity. Additionally, they pin hopes for revival of demand during Diwali festival.
Demand for plates in local Gujarat market has gained momentum as mills which were shut due to lockdown are back in business. The daily Davis Index for 2kg plates rose by Rs400/mt to Rs26,950/mt and the index for 5kg plates rose by Rs400/mt to Rs26,950/mt ex -Alang.
HMS attachments and Melting scrap witnessed an uptick as local bids have increased. The daily Davis Index for HMS attachments and Melting rose by Rs200/mt to Rs22,350/mt and Rs21,350/mt, respectively.
Few ships are expected to arrive at Alang port, a vehicle carrier, named Baltic Highway with tonnage of 13,145/ldt has been sold to Alang. Moreover, vessels, named Mv.Master and Cape Orchid were booked recently.
($1=Rs75.402)