Shipbreaking scrap prices declined on Wednesday amid tepid demand the local mills, yard owners reduced their offers for the third consecutive day this week.
The daily Davis Index for HMS attachments and Melting declined by Rs100/mt ($1.35/mt) each to Rs36,600/mt and Rs35,500/mt ex-Alang respectively.
Re-rolling scrap prices also followed a similar trend and the index for 4Ani declined by Rs500/mt to Rs38,000/mt ex-Alang and the index for 6Ani declined by Rs400/mt to Rs39,900/mt ex-Alang.
Buyers made cautious purchases due to the fear of a potential third wave of COVID-19 as cases were on the rise in Maharashtra. The index for 2kg plates declined by Rs200/mt to Rs39,100/mt ex-Alang and the index for 5kg plates declined by Rs500/mt to Rs40,300/mt ex-Alang.
Market participants stayed away from purchases as ferrous scrap prices could be on a downtrend in the near term till TMT sales improved.
($1=Rs73.06)