Shipbreaking scrap prices declined on Tuesday as buyers kept a close watch on markets before buying raw material. Overall demand remained low and finished inventories have piled up in mills.
The daily Davis Index for 8Ani declined by Rs100/mt ($1.36/mt) to Rs41,800/mt ex-Alang and the index for 10Ani declined by Rs100/mt to Rs42,300/mt ex-Alang.
Shipbreakers reduced their offers for re-rolling scrap as demand from local mills remained low, the daily Davis Index for 12Ani declined by Rs100/mt to Rs42,500/mt ex-Alang and the index for 14Ani declined by Rs100/mt to Rs42,500/mt ex-Alang.
Ship plate prices also followed a similar trend and the index for 2kg plates declined by Rs200/mt to Rs39,300/mt ex-Alang and the index for 5kg plates declined by Rs400/mt to Rs40,800/mt ex-Alang.
Market participants awaited a clarity on price direction as local demand for finished steel remained low. The index for for HMS attachments and Melting settled flat at Rs36,600/mt and Rs35,600/mt ex-Alang, respectively, due to the limited availability of ferrous scrap.