Shipbreaking scrap prices declined on Monday amid low demand from local mills, sales of finished steel remained low hence mills bought scrap on a need basis.
The daily Davis Index for 4Ani declined by Rs600/mt($8.20/mt) to Rs38,400/mt ex-Alang and the index for 6Ani declined by Rs700/mt to Rs40,300/mt ex-Alang.
Shipbreakers reduced their offers as demand remained sluggish and the index for 8Ani declined by Rs600/mt to Rs41,900/mt ex-Alang and the index for 10Ani declined by Rs600/mt to Rs42,400/mt ex-Alang.
Ship plate prices also followed a similar trend and the index for 1kg plates declined by Rs200/mt to Rs36,700/mt ex-Alang and the index for 5kg plates declined by Rs300/mt to Rs41,200/mt ex-Alang.
Market participants believed finished steel prices could stay under pressure in the near term and kept a close watch on markets. The daily Davis Index for HMS attachments and Melting declined by Rs100/mt each to Rs36,600/mt and Rs35,600/mt ex-Alang respectively.