Shipbreaking scrap prices in India declined due to sluggish demand from the end-users. The daily Davis Index for HMS attachments and Melting declined by Rs150/mt ($2.03/mt) to Rs25,450/mt and Rs24,450/mt ex-Alang, respectively.
Mills are booking scrap in limited quantities to avoid stockpiling of inventories. The daily Davis Index for 4Ani declined by Rs100/mt to Rs26,100/mt ex-Alang with few trades heard at the index price.
Shipbreakers lowered offers to clear the available inventories and the daily Davis index for 6Ani declined by Rs100/mt to Rs27,100/mt ex-Alang, 8Ani declined by Rs350/mt to Rs28,550/mt ex-Alang.
Demand for steel plates, however, was firm as construction activities have started picking up. Mills are now working at 100pc capacity.
The daily Davis Index for 1kg and 2kg plates rose by Rs50/mt each to Rs25,700/mt and Rs27,000/mt ex-Alang, respectively, while the index for 5kg plates settled unchanged at Rs28,000/mt ex -Alang.
Shipbreakers believe prices are likely to increase once monsoon season comes to an end. Demand for finished steel from end-users is expected to improve in turn spurring raw material demand.