Indian rolling scrap prices declined Friday amid sluggish demand from the mills. The daily Davis Index for 14Ani fell by Rs350/mt ($4.67/mt) to Rs28,750/mt ex-Alang.
The index for 4Ani declined by Rs50/mt to Rs26,700/mt ex-Alang, deals closed at the index price. The index for 8Ani fell by Rs300/mt to Rs28,150/mt ex-Alang.
Shipbreakers lowered their offers by Rs250-300/mt with an intent to clear available inventories as monsoon will soon slow down production activities at mills.
Few trades for 12Ani were heard at the index price, the daily Davis index for 12Ani declined by Rs300/mt to Rs28,700/mt ex-Alang.
Demand for shipbreaking plates declined for the second consecutive day as construction activity slowed down in many regions following heavy rainfall. The index for 1kg plates declined by Rs200/mt to Rs23,450/mt ex-Alang. Index for 2kg and 5kg plates declined by Rs300/mt to Rs26,950/mt and Rs27,350/mt ex-Alang.
Early in the week, mills refilled raw materials inventory amid a tight supply of domestic ferrous scrap. Close to the weekend, mills stayed away from new bookings ahead of Eid festivities.
The daily Davis Index for HMS attachments and Melting declined by Rs300/mt to Rs23,150/mt and Rs22,150/mt ex-Alang, respectively on Friday.
($1= Rs74.81)