The daily Davis Index for 4Ani rose by Rs600/mt ($8.23/mt) to Rs29,800/mt ($408.9/mt) ex-Alang. Mills in Mandi Gobindgarh and Gujarat resumed purchases for rolling scrap early this week after prices for finished and semi-finished steel showed an uptick. But in the latter part of Wednesday, demand started to slow. Market participants believe prices could thus decline on Thursday.
The daily Davis Index for 5kg plates increased by Rs450/mt to Rs32,050/mt ex-Alang. Prices for shipbreaking plates increased aided by a brief period of recovery in finished steel prices. But many infra and real estate projects remain stalled as most builders and contractors refused to purchase steel at present price levels.
The daily index for HMS attachments and Melting rose by 300/mt each to Rs29,050/mt and Rs28,050/mt ex-Alang, respectively.