Shipbreaking scrap prices declined on Friday amid low demand from local mills. Buyers continued to buy scrap on a need basis as TMT stocks have piled up and demand remained low
The daily Davis Index for HMS attachments and Melting declined by Rs300/mt($4.10/mt) each to Rs36,700/mt and Rs35,700/mt ex-Alang, respectively.
Re-rolling scrap prices also followed a similar trend and the index for 6Ani declined by Rs100/mt to Rs41,000/mt ex-Alang and the index for 10Ani declined by Rs100/mt to RS43,000/mt ex-Alang.
Demand for steel plates remained sluggish and the index for 1kg plates declined by Rs600/mt to Rs36,900/mt ex-Alang and the index for 5kg plates declined by Rs200/mt to Rs41,500/mt ex-Alang.
Market participants stayed away from purchases as ferrous scrap prices could vary in the near term.