The daily Davis Index for 4Ani fell by Rs850/mt ($11.59/mt) to Rs31,850/mt ($434.4/mt) ex-Alang on weak demand. Shipbreakers noted that demand is likely to revive as rolling mills are preferring domestic rolling scrap amid low availability of imported scrap. The daily Davis Index for 14Ani declined by Rs500/mt to Rs36,000/mt ex-Alang with a few deals concluding at index price.
The daily Davis Indexes for 2kg and 5kg plates declined by Rs550/mt each to Rs32,650/mt ex-Alang and Rs33,650/mt ex-Alang, with limited deals reported at index price. Hit by the hike in steel price due to rising raw material prices, government infrastructure and construction projects have slowed their pace as the project cost is likely to go up at these rates.
The daily index for HMS attachments and Melting dropped by Rs500/mt each to Rs31,500/mt ex-Alang and Rs30,500/mt ex-Alang, respectively. Limited transactions were reported at index price.