Indian shipbreaking scrap prices declined on Thursday on relatively low demand from rolling mills. The daily Davis Index for 14Ani declined by Rs350/mt ($4.65/mt) to Rs28,650/mt ex-Alang. Mills stayed away from buying raw material as demand from end users has subdued over the week. The daily Davis Index for 12Ani declined by Rs200/mt to Rs28,650/mt.
Yards in Alang are offering monsoon discounts by reducing prices by Rs100-200/mt to clear stocked inventories. The indexes for 6Ani declined by Rs50/mt to Rs26,950/mt ex-Alang, 1kg plates declined by Rs100/mt to Rs22550/mt, 2 kg plates declined by Rs100/mt to Rs26550/mt ex-Alang.
Demand from local Gujarat mills also declined as they expect second round of lockdowns due to increase in the number of COVID-19 infections in cities. Few trades were heard for 8Ani on Thursday. The daily index for 8Ani rose by Rs50/mt to Rs28,300/mt, transactions were reported at the index price.
The daily Davis Index for HMS attachments and Melting declined by Rs100/mt to Rs22350/mt and Rs21350/mt, respectively, ex-Alang.
Over 160,500mt of tonnage has been booked by the yards and the vessels are expected to arrive in the next few days, said a shipbreaker in Alang, adding that prices are expected to remain under pressure in the next few weeks.