Shipbreaking scrap prices declined on Wednesday on low demand from rolling mills. The daily Davis Index for 4Ani fell by Rs500/mt ($6.69/mt) to Rs38,500/mt ex-Alang, and the index for 6Ani fell by Rs200/mt to Rs40,000/mt ex-Alang.
Mills refrained from stocking raw material as demand from end-users is sluggish amid ongoing monsoons.
The daily Davis Index for 8Ani declined by Rs200/mt to Rs41,000/mt ex-Alang, and the index for 10Ani fell by Rs100/mt to Rs41,500/mt ex-Alang.
Demand for ship plates remains low in the construction and automobile sectors. The daily Davis Index for 1kg plates declined by Rs700/mt to Rs35,000/mt ex-Alang, and the index for 2kg plates fell by Rs300/mt to Rs39,000/mt ex-Alang.
Market participants continued to purchase limited volumes as they expect prices to remain under pressure till the end of monsoons.
The daily Davis Index for HMS attachments and Melting settled flat at Rs34,800/mt and Rs33,800/mt ex-Alang, respectively.
($1=Rs74.64)