Shipbreaking scrap prices declined on Thursday amid low trades, mills procured scrap on a need basis as demand from end-users remained low.
The daily Davis Index for HMS attachments and Melting declined by Rs400/mt ($5.47/mt) each to Rs37,300/mt and Rs36,300/mt ex-Alang respectively.
Shipbreakers reduced their offers for re-rolling scrap to attract bids, the index for 4Ani reduced by Rs200/mt to Rs39000/mt ex-Alang and the index for 6Ani declined by Rs200/mt to Rs41,100/mt ex-Alang.
Ship plate prices also followed a similar trend as the index for 1kg plates declined by Rs300/mt to Rs37,500/mt ex-Alang and the index for 2kg plates reduced by Rs300/mt to Rs40,200/mt ex-Alang.
Market participants awaited a clarity on price direction as few believed ferrous scrap prices could remain firm in the near term due to limited availability of tonnages.