The daily Davis Index for 0.5kg plates and 1kg plates Tuesday fell by Rs450/mt ($6.10/mt) each to Rs25,450/mt ($345.312/mt) and Rs25,350/mt ($343.955/mt) ex-Alang, respectively, amid weak demand from end-users and sluggish infrastructure activities.

 

Prices for rolling scrap fell on Tuesday on the back of low demand from mills in Mandi and Gujarat. The daily Davis Index for 10Ani declined by Rs224/mt ($4.77/mt) from Friday to Rs28,876/mt ex-Alang and the index for 12Ani declined by Rs149/mt to Rs29,151/mt ex-Alang.

 

The shipbreakers have reduced offers to clear their inventories to maintain daily cash flow. The indexes for 4Ani declined by Rs26/mt to Rs26,426/mt and for 6Ani declined by Rs76/mt to Rs27,526/mt. The daily Davis Index for 8Ani declined by Rs22/mt to Rs28428/mt. A few deals were heard at the index price.

 

The indexes for 12Ani fell by Rs149/mt to Rs29,151/mt ex-Alang, and for 14Ani declined by Rs124/mt to Rs29,176/mt ex-Alang, with few transactions being reported.

 

Mills purchased in a staggered manner amid weak demand from finished steel manufacturers. The index for HMS attachments and Melting declined by Rs197/mt each to Rs25,403/mt and Rs24,403/mt ex-Alang, respectively with deals being reported at the index price.

 

Shipbreakers are expecting prices to remain firm due to scarcity of raw material. Manufacturers expressed mixed sentiments as some feel the prices of finished steel are likely to increase, while some have a bleak outlook for finished steel demand in the current year.

 

 

 

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