Shipbreaking scrap prices declined on Friday on tepid demand from rolling mills. The daily Davis Index for 4Ani fell by Rs300/mt ($4.04/mt) to Rs39,700/mt ex-Alang, and the index for 6Ani declined by Rs500/mt to Rs40,700/mt ex-Alang.
Yards reduced scrap offers as demand from ingot makers in Mandi Gobindgarh declined. The index for 8Ani was down by Rs600/mt to Rs42100/mt ex-Alang, and the index for 10Ani fell by Rs500/mt to Rs42,700/mt ex-Alang
A low pace of construction activities due to the monsoon rains dragged down demand for ship plates. The index for 1kg plates declined by Rs1,000/mt to Rs37,200/mt ex-Alang, and the index for 5kg plates was down by Rs600/mt to Rs41,100/mt ex-Alang
Market participants believe ferrous scrap demand and prices could remain under pressure until finished steel sales rise.
The daily Davis Index for HMS attachments declined by Rs900/mt to Rs37,000/mt ex-Alang, and the index for Melting declined by Rs600/mt to Rs36,000/mt ex-Alang