The daily index for 8Ani and 10Ani declined by Rs650/mt ($8.93/mt) to Rs32,500/mt ($446.33/mt) and Rs33,000/mt ($453.20/mt) ex-Alang, with limited deals. Rolling mills have adopted a wait-and-watch strategy anticipating further decline in prices.
The indexes for 0.5kg and 1kg plates declined by Rs700/mt each to Rs28,700/mt and Rs28,600/mt ex-Alang, respectively with a few deals reported at index price.
The daily Davis Index for HMS attachment and Melting fell by Rs700/mt each to Rs28,500/mt and Rs27,500 ex-Alang, respectively. Mills are wary of declining prices as they feel primary steel producers are likely to lower finished steel prices in the near term, which has led to uncertainty of price direction among scrap buyers, said traders.