Shipbreaking scrap prices moved south in a quiet market. Mills focused on liquidating inventories as demand from end users continues to stay muted.
The daily Davis Index for HMS attachments and Melting declined by Rs1,000/mt ($13.43/mt) each to Rs35,000/mt and Rs34,000/mt ex-Alang, respectively.
Shipbreakers reduced their offers for re-rolling scrap to attract better deals and induce demand in the market. The index for 4Ani declined by Rs300/mt to Rs39,000/mt ex-Alang, the index for 8Ani declined by Rs500/mt to Rs41,300/mt ex-Alang.
Ship plate prices also declined on Wednesday as buyers refrained from stocking inventories. The index for 1kg plates declined by Rs1,000/mt to Rs35,200/mt ex-Alang and the index for 5kg plates declined by Rs400/mt to Rs40,300/mt ex-Alang.
Domestic demand for ferrous scrap could improve as large-scale mills focus on export markets.
The index for 10Ani declined by Rs600/mt to Rs41,800/mt ex-Alang and the index for 12Ani declined by Rs700/mt to Rs42,000/mt ex-Alang.