Indian shipbreaking scrap prices declined on Monday following a drop in demand from mills in Gujarat and North India.
The Davis Index for 4Ani declined by Rs350/mt ($4.77/mt) from Friday to Rs25,550/mt ex-Alang and the index for 6Ani declined by Rs300/mt to Rs26,550/mt ex-Alang.
The indexes for 8Ani and 10Ani declined by Rs150/mt to Rs27,900/mt and Rs28,400/mt ex-Alang, respectively, as most shipbreakers reduced offers to clear piled-up inventories. Many are even staying away from bidding for more tonnage amid low end-user demand.
The index for 12Ani declined by Rs100/mt to Rs28,550/mt ex-Alang, and the index for 14Ani declined by Rs100/mt to Rs28,700/mt ex-Alang, with few transactions reported.
Demand for construction steel, including plates, remained slow as parts of India reeled under heavy rains. The daily Davis index for 1kg plates declined by Rs250/mt to Rs24,800/mt ex-Alang, 2kg and 5kg plates declined by Rs300/mt to Rs26,500/mt and Rs27,500/mt ex-Alang, respectively.
Supply of oxygen is easing but will require around a month to normalize, believe shipbreakers. The index for HMS attachments and Melting declined by Rs300/mt to Rs24,600/mt and Rs23,600/mt ex-Alang, respectively.
Among other updates, in India, the Director-General of Shipping will be responsible to authorize, administer, supervise, and monitor all ship recycling activities. A new office is being set up in Gandhinagar near Alang, India.
($1=Rs73.33)