Shipbreaking activities were silent on Wednesday since it was the last day of the fiscal year; however, yards reduced their offers as there was no major buying from the rolling mills in North as well as Gujarat. Mills are preferring to procure raw material on a need basis.
The daily Davis Indexes for 4Ani and 6Ani declined by Rs400/mt ($5.46/mt) each to Rs34,100/mt and Rs34,600/mt ex-Alang, respectively.
Shipbreakers are expecting the demand to improve from April from the rolling mills as Mandi Gobindgarh — a major consumer of shipbreaking scrap — is back in the business post trader’s strike.
Production activity in Alang is also expected to pick up pace as workers will return to the yards from Holi holidays soon.
The index for 14Ani declined by Rs250/mt to Rs37,550/mt ex-Alang and the index for 12Ani declined by Rs400/mt to Rs37,300/mt ex-Alang.
Demand from the construction segment remained silent from the neighboring states as COVID-19 cases are increasing rapidly. The daily Davis Index for 5kg plates declined by Rs200/mt to Rs35,300/mt ex-Alang.
Offers from the international market remained firm as suppliers are expecting Indian domestic market to pick up in near term.
The daily Davis Index for HMS attachments and Melting declined by Rs700/mt each to Rs33,000/mt and Rs32,000/mt ex-Alang, respectively.
($1=Rs73.1)