The daily Davis Indexes for 4Ani fell by Rs600/mt ($8.12/mt) to Rs30,900/mt ($418.3/mt) ex-Alang and for 10Ani declined by Rs500/mt ($6.76/mt) to Rs33,550/mt ($454.2/mt) ex-Alang amid slow demand from rolling mills in Mandi Gobindgarh and Gujarat. Mills are cautious of a correction in global prices.
Among other rolling scrap grades, the daily Davis Index for 2kg plates dropped by Rs400/mt to Rs31,450/mt ex-Alang and the index for 5kg plates declined by Rs300/mt to Rs32,450/mt ex-Alang. Trades thinned as the demand for finished steel continues to remain weak.
The daily Davis Index for HMS attachments and Melting dropped by Rs300/mt each to Rs30,700/mt and Rs29,700/mt ex-Alang, respectively. Shipbreakers cited oversupply of tonnages while the demand for scrap and finished steel remains sluggish as buyers await the prices to settle down before concluding further deals.