Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Shipbreaking scrap prices declined on Thursday amid sluggish demand from local rolling mills. Shipbreakers decided to reduce offers to attract bids in a quiet market.


The daily Davis Index for 6Ani declined by Rs500/mt ($6.70/mt) to Rs39,500/mt ex-Alang and the index for 4Ani declined by Rs300/mt to Rs38,700/mt ex-Alang. Demand from ingot makers in Mandi subsided as rumours regarding power cuts spread across the market participants, however, this news is not confirmed. 


The index for 10Ani declined by Rs300/mt to Rs41,500/mt ex-Alang and the index for 12Ani fell by Rs200/mt to Rs41,800/mt ex-Alang.

Ship plate prices also declined in line with rolling scrap, the index for 1kg plates declined by Rs400/mt to Rs34,800/mt ex-Alang and the index for 5kg plates dipped by Rs400/mt to Rs39,900/mt ex-Alang.


Market participants expect ferrous scrap prices to stay under pressure as mills slash production gradually in line with low demand from consuming sectors. Mills now prefer procure scrap on a just-in-time basis while waiting for the finished steel market to nudge higher. 


The daily Davis Index for HMS attachments and Melting declined by Rs400/mt each to Rs34,600/mt and Rs33,600/mt ex-Alang respectively.



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