Shipbreaking scrap prices declined on Wednesday as mills kept a close eye on markets before booking tonnages. A huge stock of scrap continued to lie at the shipbreaking yards due to the transporters strike. Shipbreakers dropped their offers amid slow buying.
The daily Davis Index for 4Ani declined by Rs400/mt($5.38/mt) to Rs39,400/mt ex-Alang and the index for 6Ani declined by Rs200/mt to Rs41,400/mt ex-Alang.
Demand for ship plates remained firm, the daily Davis Index for 1kg plates rose by Rs300/mt to Rs38,500/mt ex-Alang and the index for 2kg plates rose by Rs100/mt to Rs40,600/mt ex-Alang.
Yard owners tried to clear inventories and believed shipbreaking scrap prices could remain under pressure for some time.
The daily Davis Index for HMS attachments and Melting declined by Rs500/mt each to Rs37,500/mt and Rs36,500/mt ex-Alang respectively.