Shipbreaking scrap prices declined on Friday as mills stocked raw material inventories and kept a close watch on markets.
The daily Davis Index for 4Ani declined by Rs400/mt ($5.39/mt) to Rs38,300/mt ex-Alang and the index for 8Ani declined by Rs300/mt to Rs42,200/mt ex-Alang.
Shipbreakers reduced their offers as demand from buyers remained low, the index for 10Ani declined by Rs200/mt to Rs42,800/mt ex-Alang and the index for 12Ani declined by Rs300/mt to Rs43,000/mt ex-Alang .
Ship plate prices also followed a similar trend and the index for 1kg plates declined by Rs500/mt to Rs36,900/mt ex-Alang and the index for 5kg plates declined by Rs300/mt to Rs41500/mt ex-Alang.
Market participants kept a close watch on prices and believed ferrous scrap prices could fluctuate for a week.
The daily Davis Index for HMS attachments and Melting declined by Rs600/mt each to Rs36,700/mt and Rs35,700/mt ex-Alang respectively.