Shipbreaking scrap prices declined on Tuesday amid weak demand from the rolling mills. Finished sales remained under pressure because of the ongoing monsoon seasons.
The daily Davis Index for 4Ani declined by Rs200/mt ($2.72/mt) to Rs39,500/mt ex-Alang, and the index for 6Ani declined by Rs300/mt to Rs40,400/mt ex-Alang.
Yard owners reduced the offers for re-rolling scrap to attract bids. The index for 10Ani declined by Rs200/mt to Rs42,400/mt ex-Alang, and the index for 12Ani declined by Rs300/mt to Rs42,600/mt ex-Alang.
Construction activity has slowed, dragging down the demand for the ship plates. The index for 1kg plates declined by Rs300/mt to Rs38,200/mt ex-Alang, and the index for 5kg plates fell Rs300/mt to Rs41,000/mt ex-Alang.
On Monday, mills were in the market to stock up, after which bookings have slowed. Large-scale steelmakers continued to focus on the export market with the domestic demand under pressure.
The daily Davis Index for HMS attachments and Melting declined both by Rs400/mt to Rs38,000/mt and Rs37,000/mt, respectively, ex-Alang.