Shipbreaking scrap prices in the Indian domestic market largely declined for a third successive day as demand from mills in Gujarat as well as in the North tapered.
The daily Davis Index for 8Ani declined by Rs450/mt ($6.02/mt) to Rs26,750/mt ex-Alang. The index for 10Ani declined by Rs300/mt to Rs27150/mt ex-Alang.
Shipbreakers lowered their offers in hopes of boosting trades amid tepid demand from the rolling mills. The index for 14Ani declined by Rs400/mt to Rs27,250/mt ex-Alang.
The daily Davis Index for 2kg plates declined by Rs300/mt to Rs25,850/mt ex-Alang, the index for 5kg plates fell by Rs400/mt to Rs26150/mt ex- Alang.
A few trades of 4Ani were heard on Wednesday, with the daily Davis index for the grade rose by Rs250/mt to Rs25,400/mt ex-Alang.
Demand for HMS attachments and Melting, however, is still strong in the local market and the index for HMS attachments rose by Rs150/mt to Rs22,500/mt ex-Alang and the index for Melting rose by Rs100/mt to Rs21,450/mt ex-Alang.
Prices are likely to remain under pressure until the demand for finished steel picks up in the domestic market. Unconfirmed reports about exports of rolling material were heard by traders.