Shipbreaking scrap prices in India declined for the second day due to continued weak demand from rolling mills in North India and Gujarat.
The daily Davis Index for 4Ani declined by Rs500/mt($6.85/mt) to Rs31,900/mt ex-Alang as suppliers lowered their offers to clear off inventories. The index for 6Ani declined by Rs750/mt to Rs32,750/mt ex-Alang and the index for 14Ani declined by Rs500/mt to Rs35,400/mt ex-Alang.
Mills stayed away from buying raw material on Tuesday as steel demand has failed to pick up. The index for 1kg plates declined by Rs500/mt to Rs31,500/mt and the index for 2kg plates declined by Rs600/mt to Rs32,200/mt ex-Alang.
Steelmakers exercised caution and booked material only on a need basis due to a lack of clarity in price direction. The daily Davis Index for HMS attachments and Melting declined by Rs500/mt each to Rs31,300/mt and Rs30,300/mt ex-Alang respectively.
Ingot prices in Mandi Gobindgarh late evening showed an uptick of Rs500/mt ex-works which could have a bearing on Wednesday’s opening prices.