Indian shipbreaking scrap prices declined on Thursday as mills slowed their buying after stocking raw material inventories. The daily Davis Index for HMS attachments declined by Rs200/mt to Rs23,450/mt ex-Alang. The index for Melting declined by Rs200/mt ($2.67/mt) to Rs22,450/mt ex-Alang.

 

Shipbreakers reduced their offers on Thursday by Rs100-200/mt for rolling scrap amid low demand from mills in North as well as local steelmakers.

 

The indexes for 4Ani fell by Rs200/mt to Rs26750/mt ex-Alang, while 6Ani declined by Rs150/mt to Rs27,350/mt and 10Ani dropped by Rs100/mt to Rs28,750/mt ex-Alang.

 

Few trades were heard for 12Ani and 14Ani on Thursday at the index prices, the daily Davis Index for 12Ani fell by Rs50/mt to Rs29,000/mt ex-Alang. The index for 14Ani rose by Rs50/mt to Rs29,100/mt ex-Alang.

 

Demand for shipbreaking plates lagged on Thursday, the index for 1kg plates fell by Rs200/mt to Rs23,650/mt ex-Alang. The index for 5kg plates declined by Rs100/mt to Rs27,650/mt ex-Alang.

 

End-user demand is expected to remain low as market participants are waiting on the sidelines to get a clear price direction post Eid.

($1= Rs74.87)

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