Shipbreaking rolling scrap prices continued to remain under pressure on Monday amid weak demand from re-rollers. The daily Davis Index for 4Ani declined by Rs300/mt ($4.04/mt) to Rs26,300/mt ex-Alang.
Shipbreakers are trying to clear scrap inventories as a lot of vessels have already beached at the port. The daily Davis Index for 6Ani declined by Rs500/mt to Rs27,250/mt ex-Alang.
Few trades were reported for 8Ani at the index price, the daily Davis Index for 8Ani declined by Rs150/mt to Rs28,700/mt ex-Alang.
Overall demand for finished steel has slowed down due to ongoing monsoon, construction activities are at a halt and demand for steel plates has softened. The index for 10Ani declined by Rs300/mt to Rs29,050/mt ex-Alang. Index for 5kg plates declined by Rs100/mt to Rs27,950/mt ex-Alang.
Mill owners are unlikely to book scrap till demand from end-users picks up. The rising number of COVID-19 infections is also a major concern that is slowing demand.
The index for 14Ani declined by Rs300/mt to Rs29400/mt ex-Alang, transactions were reported at the index price. The daily Davis Index for HMS attachments and Melting settled flat on Monday to Rs24,750/mt and Rs23,750/mt, respectively.
Vessels trades
1. Kwangsi, a general cargo with 9,439ldt at $325/ldt.
2. Melanesian chief, a GC container with 5,889ldt at $325/ldt
3. Zagora, container with 5,751ldt at $360/ldt
($1= Rs74.19)