Indian shipbreaking prices remained low for the second consecutive week on slow demand from the rolling mills. The daily Davis Index for 4Ani declined by Rs300/mt ($3.94/mt) to Rs23,650/mt ex-Alang.
Shipbreakers opted to wait-and-watch as prices continued to decline. Labour shortages have delayed production ramp-up plans at most mills.
The daily Davis Index for 6Ani declined by Rs125/mt to Rs24,450/mt, the index for 12Ani declined by Rs200/mt to Rs25,650/mt, 5kg plates fell by Rs200/mt to Rs24,950/mt.
With no demand for finished steel in the domestic market, market participants anticipate the scrap prices to fall further. The daily Davis Index for HMS attachments settled flat at Rs21,950/mt on Tuesday and the index for Melting fell by Rs100/mt to Rs21,150/mt. A few trades were reported.
A China-origin G/Cargo with a tonnage of 12,542 LDT is lying at Alang anchorage, total eight vessels have arrived this month with a total tonnage of 61,054 LDT.