Shipbreaking scrap prices were largely unchanged on Friday amid tight supply. But local demand remains to be low for finished steel, which kept mills away from scrap purchases. The daily Davis Index for 4Ani and 6Ani settled flat at Rs39,800/mt ($538.8/mt) and Rs40,800/mt ex-Alang, respectively.
Large-scale mills focused on export markets more as global demand for steel is healthy compared to Indian markets.
The index for 10Ani rose by Rs300/mt to Rs43,000/mt ex-Alang and the index for 8Ani rose by Rs100/mt to Rs42,000/mt ex-Alang.
Ship plate prices also moved up in line with re-rolling scrap, the index for 2kg and 5kg plates rose by Rs200/mt each to Rs41,000/mt and Rs41,400/mt ex-Alang, respectively.
Traders stepped back from the market as they expect raw material prices to decline in the near term due to low demand from the steel manufacturers.
The daily Davis Index for HMS attachments and Melting settled flat at Rs38,000/mt and Rs37,000/mt ex-Alang, respectively.
($1=Rs73.86)