Indian shipbreaking scrap prices declined on Monday as yards reduced their asking prices following a decline in domestic ferrous scrap.
Local mills stayed away from purchases and the Davis Index for Melting and HMS attachments declined by Rs200/mt ($2.73/mt) each from Friday to Rs30,800/mt ($420.57/mt) and Rs31,800/mt ex-Alang, respectively.
Most market participants expect prices to continue their downtrend in the coming week or at least till the demand from end users picks up.
The daily Davis Indexes for 8Ani ,10Ani and 12Ani declined by Rs100/mt each to Rs34,500/mt, Rs35,050/mt and Rs35,500/mt ex-Alang, respectively.
Demand for the shipbreaking plates also declined forcing the suppliers to reduce the offers by Rs100-200/mt . The daily Davis Index for 1kg plates declined by Rs100/mt to Rs32,000/mt ex-Alang and the indexes for 2kg and 5kg plates declined by Rs150/mt each to Rs32,800/mt and Rs33,800/mt, ex-Alang, respectively.
Prices could remain under pressure until the second half of March. In the latter part of March, most recyclers expect demand from end users to accelerate.