Shipbreaking prices in India fell amid persistently low demand. The daily Davis Index for 14Ani fell by Rs400/mt ($5.47/mt) to Rs34,050/mt ($466.42/mt) ex-Alang on sluggish demand from the rolling mills as well as global cues.
The daily Davis Indexes for 0.5kg and 1kg plates declined by Rs250/mt each to Rs28,900/mt, and Rs28,800/mt ex-Alang, respectively. Liquidity crunch has slowed down work in the construction sector Steel and cement prices continue to be unviable for some contractors.
Mills have adopted a wait-and-watch approach amid uncertainty at the moment pertaining to falling prices. The daily index for HMS attachments and Melting dropped by 300/mt each to Rs28,750/mt and Rs27,750/mt ex-Alang, respectively.