The daily Davis Index for 8Ani fell by Rs300/mt ($4.11/mt) to Rs31,200/mt ($427.86/mt) ex-Alang amid tepid demand from rolling mills in Mandi Gobindgarh and Gujarat. Trades thinned at the current price levels.
The index for 5kg plates declined by Rs300/mt to Rs30,200/mt ex-Alang. Shipbreakers are pinning hopes on government’s infra push to boost domestic consumption of finished steel. According to some market participants, the sluggish growth of steel consumption is also due to liquidity-related headwinds.
The daily index for HMS attachments and Melting settled flat at Rs26,850/mt and Rs25,850/mt ex-Alang, respectively. Limited deals were reported. Trade activities were extremely low this week.
($1=Rs72.92)