Shipbreaking scrap prices in India rose in spite of sluggish demand from the rolling mills on Monday. The daily Davis Index for 4Ani rose by Rs1,000/mt ($13.6/mt) to Rs33,100/mt ($450.17/mt) and ex-Alang on global cues.
The daily Davis Indexes for 0.5kg and 1kg plates rose by Rs1,050/mt each to Rs32,900/mt and Rs33,500/mt ex-Alang, respectively, with limited deals reported. Shipbreakers are unwilling to reduce offers as they are expecting a further rise in prices. Moreover, finished steel prices have also gone up in few regions like Mandi Gobindgarh and Mumbai. The finished steel prices in Mumbai rose by Rs600/mt to Rs46,300/mt on Monday, compared to Friday.
The daily Davis Index for HMS attachment and Melting rose by Rs1,050/mt each to Rs32,800/mt and Rs31,800/mt ex-Alang, respectively, amid healthy demand.
($1=Rs73.5)