Indian shipbreaking scrap prices declined on Friday with demand declining from rolling mills in Mandi Gobindgarh and Gujarat. Heavy rains paused construction activities in Maharashtra. Logistics, including transportation, remained hampered.
The daily Davis Index for 4Ani declined by Rs50/mt ($0.68/mt) to Rs25,900/mt ex-Alang, with a few transactions at the index price. The index for 6Ani fell by Rs300/mt to Rs26850/mt ex-Alang.
Shipbreakers lowered their offers to clear inventories, and the daily Davis index for 8Ani and 10Ani declined by Rs350/mt to Rs28,050/mt and Rs28,550/mt ex-Alang, respectively.
The daily Davis Index for 14Ani declined by Rs300/mt to Rs28,800/mt ex-Alang with a few trades at the index price.
The demand for steel plates was also low as infrastructure activities paused. The index for 2kg plates declined by Rs250/mt ex-Alang, and the index for 5kg plates declined by Rs150/mt to Rs27,800/mt ex-Alang.
Mills refrained from buying ferrous scrap in bulk and preferred to buy on a need basis as demand from steel end-users is still slow.
The daily Davis Index for HMS attachments and Melting declined by Rs200/mt each to Rs24,900/mt and Rs23,900/mt ex-Alang, respectively.
($1=Rs73.33)