Shipbreaking rolling scrap prices continued to fall through the week amid slow demand from rolling mills. The daily Davis Index for 4Ani declined by Rs675/mt ($675/mt) to Rs26,600/mt ex-Alang.
The index for 6Ani fell by Rs400/mt to Rs27,750/mt ex-Alang, while 8Ani declined by Rs400/mt to Rs28,850/mt ex-Alang.
Shipbreakers reduced their offers by Rs400-500/mt to clear stocked-up inventories. The daily index for 12Ani and 10Ani declined by Rs300/mt each to Rs29,550/mt and Rs29,350/mt ex-Alang, respectively.
Few trades were heard for 14Ani at the index price, the daily Davis Index for 14Ani declined by Rs250/mt to Rs29,700/mt ex-Alang.
Demand for finished steel in the domestic market slowed down as construction has halted due to heavy rains in many parts of the country, steel plates from shipyards have piled up at yards amid low demand from re-rollers.
The index for 1kg plates fell by Rs200/mt to Rs24,950/mt ex-Alang, 2kg plates dropped by Rs500/mt to Rs26,950/mt ex-Alang. The index for 5kg plates declined by Rs400/mt to Rs28050/mt ex-Alang.
Scrap prices across India have declined this week on muted demand from secondary mills. Mills have delayed scrap purchases until they see a clear uptick in end users demand once the monsoon subsides, said shipyard owner.
The daily Davis Index for HMS attachments and Melting declined by Rs250/mt each to Rs24750/mt and Rs23,750/mt ex-Alang respectively.