Indian shipbreaking rolling scrap prices declined on low demand from the rolling mills in the North and Gujarat. The daily Davis Index for 10Ani declined by Rs600/mt ($8.16/mt) to Rs28,550/mt ex-Alang, while the index for 4Ani declined by Rs200/mt to Rs25,900/mt ex-Alang on Thursday.
Demand for finished steel has not yet picked-up, hence, shipbreakers have lowered their offers as they are eager to clear the available tonnages.
The daily Davis Index for 6Ani declined by Rs200/mt to Rs26,900/mt ex-Alang, while the index for 12Ani declined by Rs600/mt to Rs28,800/mt ex-Alang.
Demand for steel plates has not yet picked-up as construction activities are still not gaining momentum. The daily Davis Indexes for 1kg plates declined by Rs350/mt to Rs25,350/mt ex-Alang and for 2kg plates declined by Rs400/mt to Rs26,600/mt ex-Alang.
Ferrous scrap trades were thin on Thursday, which pulled down the prices of HMS attachments and Melting scrap. The daily Davis Index for HMS attachments and Melting declined by Rs300/mt each to Rs25,150/mt and Rs24,150/mt ex-Alang, respectively.
Shipbreakers are optimistic that prices will improve in near term as demand from auto sector will drive the requirement for raw materials.