Melting scrap prices in Alang’s shipbreaking market took a breather after rising for two successive days. Mills refrained from buying more material since they already have inventories stocked up. The daily Davis Index for HMS attachments and Melting declined by Rs300/mt ($4.09/mt) to Rs25,000/mt and Rs24,000/mt ex-Alang, respectively.
The daily Davis Index for 4Ani and 6Ani declined by Rs150/mt to Rs26,200/mt and Rs27,200/mt ex-Alang, respectively, with transactions for both the grades heard at their respective index prices.
Shipbreakers lowered their asking prices on Wednesday to liquidate their inventories. The index for 8Ani declined by Rs250/mt to Rs28,350/mt ex-Alang, and the index for 10Ani declined by Rs200/mt to Rs28,850/mt ex-Alang.
Demand for steel plates, however, was firm, especially from the local mills. The index for 2kg and 5kg plates rose by Rs50/mt to Rs27,100/mt and Rs28,100/mt ex-Alang, respectively.
The index for 12Ani declined by Rs50/mt to Rs29200/mt ex-Alang, and the index for 14Ani declined by Rs200/mt to Rs29200/mt ex-Alang.
Yard owners in Alang believe demand from rolling mills will continue to rise and give scrap prices a lift in the coming days.
($1=Rs73.29)