The Davis Index for US-origin HMS 1&2 (80:20), Tuesday, settled flat at $480/mt cfr Nhava Sheva amid limited buying interest on weak domestic demand. Mills lost buying appetite as supplies of domestic scrap eased which is priced lower. But, depleting scrap inventories at mills could support demand recovery in mid-August.
The daily Davis Index for containerized shredded lost $1.25/mt to settle at $525/mt cfr Nhava Sheva. Few offers above $530/mt cfr. A decline in prices of low and medium grades in supplier countries dragged down prices.
The daily Davis Index for UAE-origin HMS 1&2 (80:20) fell $5/mt to $473/mt cfr Nhava Sheva despite firm offers. For the UAE-origin #1 HMS, offers were stable at $485-490/mt cfr Nhava Sheva.
Domestic HMS prices are under pressure due to weak steel demand and easing scrap supply. As a result, mills stayed away from imported scrap which fetches an additional $25-30/mt including port handling and local transport costs for landed plant deliveries.
In Alang’s shipbreaking market, trading remains halted as the transporters’ strike continues.
The daily Davis Index for containerized shredded on Friday, settled at $528.36/mt cfr Indian subcontinent, down $0.64/mt; while that for containerized US-origin HMS 1&2 (80:20) settled at $489/mt cfr Indian subcontinent, up $1.37/mt.