Shipbreaking scrap prices in Alang fell on Monday amid low demand from the rolling mills. The daily Davis Index for 6Ani declined by Rs550/mt ($7.39/mt) to Rs26,850/mt ($360.86/mt) ex-Alang.
The daily Davis Indexes for 12Ani and 14Ani fell by Rs500/mt each to Rs28,600/mt and Rs28,700/mt ($389.65/mt) ex-Alang, respectively. A few trades were heard at the index price.
The daily Davis Indexes for 8Ani and 10Ani fell by Rs500/mt and Rs450/mt to Rs27,850/mt and Rs28,400/mt, respectively.
The daily Davis Indexes for 2kg plate and 5kg plates declined by Rs400/mt each to Rs26,550/mt, Rs27,950/mt ex-Alang, respectively, amid slowdown in construction projects and cash crunch in the market. Finished steel manufacturers are staring at a dull December quarter based on demand trends.
Mills are cautious in purchasing domestic scrap amid rising imported scrap prices along with weak demand for finished steel. The daily Davis Index for HMS attachments and Melting remained flat at Rs25,300/mt ($339.9/mt) and Rs24,300/mt ($326.5.mt) ex-Alang, respectively.