Shipbreaking scrap prices remained weak on Thursday amid low demand from rolling mills in Gujarat. The daily Davis Index for 6Ani declined Rs400/mt ($5.36/mt) to Rs39,600/mt ex-Alang while the index for 8Ani declined Rs200/mt to Rs41,000/mt ex-Alang.
Shipbreakers reduced their offers as mills were unwilling to restock inventories. The index for 10Ani declined Rs200/mt to Rs41,500/mt ex-Alang and the index for 12Ani declined Rs300/mt to Rs41,700/mt ex-Alang.
Ship plate prices also fell in line with re-rolling scrap prices, the Davis indexes for 2kg and 5kg plates declined by Rs400/mt each to Rs38,800mt and Rs40,000/mt ex-Alang, respectively.
Pakistani and Bangladeshi ship recyclers have been paying higher for scrapped vessels, and as a result, the availability of tonnages at Alang has decreased.
The daily Davis Index for HMS attachments and melting settled flat at Rs34,600/mt and Rs33,600/mt ex-Alang, respectively. Market participants are closing tracking ferrous scrap prices and a few expect prices to remain low till monsoon retreats.