Shipbreaking scrap prices in India took a breather on Monday. Barring HMS attachments and Melting, prices for most scrap grades were flat to down.
Demand for rolling scrap from mills in Gujarat and North India subdued as most have already stocked up inventories. The indexes for 4Ani fell by Rs450/mt ($6.01/mt) to Rs28,050/mt ($374.64/mt) ex-Alang and 14Ani fell by Rs200/mt to Rs31,050/mt ex-Alang.
The Davis Index for 8Ani and 10Ani also fell by Rs200/mt ($/mt) to Rs30,250/mt and Rs30,750/mt ex- yard Alang, respectively.
Demand for steel plates declined in Mumbai, a major city in the adjoining state of Maharashtra. Heavy rainfall and resulting flash floods have hit logistics in this region. The daily Davis Index for 1kg plates settled unchanged at Rs26,350/mt ex-Alang. The index for 5kg plates fell by Rs400/mt to Rs29,450/mt ex-Alang.
A few trades for HMS Attachments and Melting were heard at the index price, which rose by Rs50/mt to Rs26,200/mt and 25,200/mt ex-Alang, respectively.
Amid anticipation of a fall in prices, many mills have decided to hold off further purchases.
($1= Rs74.64)