Indian shipbreaking scrap continued its losing streak amid low demand from the rolling mills. The daily Davis Index Melting and HMS attachments declined by Rs600/mt ($8.27/mt) each to Rs30,000/mt and Rs31,000/mt ex-Alang, respectively.
Yard owners reduced their offers to attract bids. The daily Davis Index for 4Ani and 6Ani declined by Rs500/mt each to Rs32,000/mt and Rs32,800/mt ex-Alang, respectively. The index for 8Ani declined by Rs650/mt to Rs34,500/mt ex-Alang.
Demand for shipbreaking plates also remained sluggish and traders are expecting prices to remain under pressure in the coming days.
The daily Davis Index for 1kg plates declined by Rs600/mt to Rs31,200/mt ex-Alang while the index for 2kg plates declined by Rs500/mt to Rs32,500/mt ex-Alang.
Mandi Gobindgarh markets were silent due to the traders’ strike in protest of GST-related issues. The daily Davis Index for 14Ani and 12Ani declined by Rs650/mt each to Rs35,900/mt and Rs35,700/mt ex-Alang, respectively.
Declining international prices coupled with low demand in domestic market is likely to result in a further price drop.