Indian shipbreaking prices fell on Monday after rising in the prior week on the back of sluggish demand from rolling mills. The daily Davis Index for 10Ani declined by Rs700/mt ($9.3/mt) to Rs27,750/mt ex-Alang. The index for 4Ani decreased by Rs500/mt to Rs25,450/mt ex-Alang.
Shipbreakers have lowered their offers to clear piled-up inventory. They are expecting prices of domestic plate to drop anytime soon as monsoon tends to stall infrastructure projects in most parts of India from mid-July onwards.
The index for 2kg plate fel by Rs450/mt to Rs26,150/mt ex-Alang. The indexes for 0.5kg and 1kg plates settled flat at Rs22,550/mt and Rs22,450/mt ex-Alang.
India’s reported COVID-19 cases crossed 1mn mark last week forcing authorities to impose a second round of lockdown in cities like Pune, Chennai and Bangalore to control the spread of the pandemic. Fresh lockdown has led to negative sentiments in some markets.
Few trades for 14Ani were heard in Gujarat. The daily index for 14Ani declined by Rs450/mt to Rs28,100/mt ex-Alang. The index for 12Ani declined by Rs600/mt to Rs27,950/mt ex-Alang.
Demand for HMS attachments and Melting remained firm on Monday. The index for HMS attachments and Melting rose by Rs25/mt to Rs22,275/mt and Rs21,275/mt ex-Alang.
A vehicles carrier from Japan, Polaris Ace, with 12,700ldt sold at $292/ldt, said shipbreakers.