Indian shipbreaking scrap prices opened this week with a decline of Rs200-300/mt. Yards in Alang lowered their offers on Monday amid low demand from the rolling mills.
The daily Davis Index for HMS attachments and Melting declined by Rs350/mt ($4.82/mt) each to Rs32,000/mt and Rs31,000/mt ex-Alang, respectively.
Mills refrained from securing raw materials as demand from the end-users has not picked-up. The daily Davis Index for 10Ani and 12Ani declined by Rs50/mt each to Rs36,100/mt and Rs36,600/mt ex-Alang, respectively.
Demand for shipbreaking plates also declined on Monday impacting the index for 2kg and 5kg plates, which declined by Rs200/mt each to Rs33,300/mt and Rs34,300/mt ex-Alang, respectively.
Trades were comparatively low from last week as mills preferred to buy in staggered manner. Rising COVID-19 cases and fear of another lockdown in Mumbai have affected market sentiments.
The daily Davis Index for 4Ani and 6Ani settled flat at Rs33,000/mt and Rs33,700/mt ex-Alang, respectively. Traders are unable to take a stand as there is disparity between international and domestic markets.