Shipbreaking scrap prices declined on Friday as demand from mills remained low, shipbreakers reduced their offers to attract bids.
The daily Davis Index for 4Ani declined by Rs500/mt ($6.72/mt) to Rs39,000/mt ex-Alang and the index for 6Ani declined by Rs300/mt to Rs41,000/mt ex-Alang.
Mills are buying scrap on a need basis to clear finished steel inventories. Shipbreakers also have piled up inventories as trades remained suspended during the strike.
The index for 8Ani declined by Rs400/mt to Rs43,000/mt ex-Alang and the index for 10Ani declined by Rs300/mt to Rs43,500/mt ex-Alang.
Ship plate prices also followed a similar trend and the index for 2kg and 5kg plates declined by Rs200/mt to Rs40300/mt and Rs42000/mt ex-Alang respectively.
Scrap prices could remain under pressure till domestic demand picks up, the daily Davis Index for HMS attachments and Melting declined by Rs500/mt each to Rs37,000/mt and Rs36,000/mt ex-Alang respectively.