Shipbreaking scrap prices declined on Tuesday after a bullish week as secondary mills bought limited tonnages, having already restocked inventories to fulfill minimal demand from end-users.
The daily Davis Index for 6Ani declined by Rs700/mt ($9.54/mt) to Rs41,300/mt ex-Alang and the index for 8Ani declined by Rs300/mt to Rs41,200/mt ex-Alang.
Shipbreakers reduced their offers to attract bids amid low demand from the rolling mills in local market. The daily Davis Index for 10Ani declined by Rs300/mt to Rs41,200/mt ex-Alang and the index for 14Ani declined by Rs400/mt to Rs41,100/mt ex-Alang.
Demand for the ship plates was low but shortage of supply kept the prices unchanged. The daily Davis index for 1kg plate settled flat at Rs40,500/mt ex-Alang.
Though yards are closed, sale of a stainless-steel tanker named Falcon with 6,694ldt was reported recently at $750/ldt.
Market participants are expecting ferrous scrap prices to rise in the near-future due to shortage. Mill are also likely to procure raw material once their current stock gets exhausted.
The daily Davis Index for HMS attachments and Melting declined by Rs100/mt each to Rs40,200/mt and Rs39,200/mt ex-Alang, respectively.