Shipbreaking re-rolling scrap prices declined on Friday as demand from the end-users declined amid heavy rainfall on the West Coast of India. Transportation activity was hit due to waterlogging in the nearby cities.
The daily Davis Index for 4Ani declined by Rs100/mt ($1.34/mt) to Rs39,700/mt ex-Alang, and the index for 6Ani fell by Rs300/mt to Rs41,700/mt ex-Alang.
Yards reduced their offers as demand from the rolling mill was low. The heavy rainfall has also delayed the delivery of scrap. The index for 8Ani and 10Ani settled unchanged at Rs43,800/mt and Rs44,300/mt ex-Alang, respectively.
Construction activity came to a halt due to heavy rains pulling down demand for ship plates. The daily Davis Index for 2kg plates declined by Rs600/mt ex-Alang, and the index for 5kg plates was down by Rs300/mt to Rs42,200/mt ex-Alang.
Although demand for finished steel is low, a shortage of melting scrap kept its prices firm. The daily Davis Index for HMS attachments and Melting rose by Rs100/mt each to Rs37,700/mt and Rs36,700/mt ex-Alang, respectively.