Shipbreaking scrap prices in Alang dropped on Monday amid sluggish demand from the rolling mills in Gujarat and the North ahead of festival weekend. The daily Davis Index for 4Ani and 8Ani dropped by Rs300/mt ($4.05/mt) each to Rs26,100/mt ($352.98/mt) and Rs28,100/mt ($380.02/mt), respectively.
Mills are cutting down production due to labor shortage and transportation issues during the festivals. The daily Davis Indexes for 10Ani dropped by Rs250/mt to Rs28,650/mt, 12Ani dropped by Rs200/mt to Rs28,900/mt and 14Ani declined by Rs150/mt to Rs29,050/mt.
The daily Davis Index for 2kg and 5kg plates declined by Rs400/mt each to Rs26,700/mt and Rs27,700/mt ex-Alang, respectively, amid sluggish demand from the construction sector.
The Davis Index for HMS attachments and Melting declined by Rs200/mt each to Rs25,900/mt and Rs25,100/mt, respectively. The shipbreakers expect the prices to rise post-Diwali.
($1=Rs73.94)