Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Indian shipbreaking scrap prices continued its downward trend Monday amid low demand from rolling mills. The daily Davis Index for 1Kg plates Monday declined by Rs700/mt ($9.20/mt) to Rs22,150/mt ex-Alang from Friday.


Shipbreakers lowered their offers by Rs500-600/mt for 8Ani to reduce inventory and increase cash flow. The daily Davis Index for 8Ani declined by Rs650/mt to Rs25,100/mt ex-Alang. Trades were heard at the index price.


Many regions in India are reporting a spike in COVID-19 infections. This has worried mills that are expecting a return of labourers. A need for quarantine and other restrictions could lead to further slow down in production.


The daily Davis Index for 12Ani declined by Rs500/mt to Rs25,850/mt ex-Alang, while the index for 14Ani declined by Rs600/mt to Rs25,950/mt. The daily index for HMS attachments declined by Rs650/mt to Rs21,950/mt and the index for Melting declined by Rs500/mt to Rs21050/mt ex-Alang from Friday.


Ahead of monsoon, shipbreakers are in a hurry to finish there stocked up inventories, as vessels to be dismantled are already beaching at the port.


On the sales front, a container name Malanesian Pride with 5,607LDT sold at $270/LDT and a container SAMOA4 with 5,719LDT traded at $270/LDT, as per ship breakers in Alang.


Market participants are awaiting the next round of cash infusion for construction and infrastructural projects which could increase the demand for steel.



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