The daily Davis indexes for 8Ani and 10Ani fell by Rs900/mt each ($12.34/mt) to Rs34,400/mt ($472.28/mt) and Rs34,900/mt ($479.14/mt) ex-Alang, respectively, amid sluggish demand from rolling mills in Mandi Gobindgarh and Gujarat.
The index for 0.5kg and 1kg plates declined by Rs650/mt each to Rs31,850/mt and Rs31,750/mt ex-Alang, respectively, with limited deals. Shipbreakers are unable to gauge the price direction in the coming week.
Weak demand for finished steel has dragged down the scrap prices. The daily Davis Index for HMS attachment and Melting fell by Rs650/mt to Rs31,700/mt and Rs30,700/mt ex-Alang, respectively, with limited deals.