Shipbreaking prices Thursday declined by Rs200-300/mt ($2.66-4/mt) following two consecutive days of uptrend. Shipbreakers lowered their offers as mills took a breather from stocking raw material inventories post the arrival of monsoon.
The daily Davis Index for 6Ani declined by Rs450/mt to Rs27,800/mt ex-Alang, while the index for 8Ani declined by Rs300/mt to Rs28,950/mt ex-Alang.
Few trades were heard for 4Ani and 10Ani scrap at the index price. The indexes for 4Ani declined by Rs300/mt to Rs27,400/mt ex-Alang and 10Ani declined by Rs250/mt to Rs29,400/mt ex-Alang.
Shipyard owners in Alang expect labour shortage to ease by the end of August. Around 75pc Alang’s workforce, including skilled gas cutters and casual workers had traveled back to their hometowns during the pandemic.
The daily Davis Index for 12Ani declined by Rs300/mt to Rs29,550/mt ex-Alang and 14 Ani declined by Rs200/mt to Rs29,650/mt ex-Alang.
Demand for steel plates has declined as construction activity has slowed down due to heavy rainfall in the major cities. The index for 1kg plates declined by Rs300/mt to Rs24,550/mt and 2kg plates declined by Rs27,550/mt ex-Alang.
Domestic scrap prices in Alang also declined on Thursday amid low demand from the mills. The indexes for HMS attachment and Melting declined by Rs238/mt to Rs24,350/mt and Rs23,350/mt ex-Alang, respectively.