Indian shipbreaking scrap prices settled flat on Friday amid low demand from the steelmakers. Rolling scrap prices also settled flat amid thin trades.
The daily Davis Index for 4Ani remained unchanged at Rs25,900/mt($352.14/mt) ex-Alang, few trades were heard at the index price.
Shipbreakers were keen to clear scrap inventories, but demand from rolling mills remained low as they bought material in a staggered manner.
The index for 6Ani settled flat at Rs26,900/mt ex-Alang, the index for 8Ani settled unchanged at Rs28,050/mt ex-ALang,10Ani settled at Rs28,550/mt ex-Alang.
End-users demand for steel plates is still low. The index for 1kg ,2kg and 5kg plates settled flat at Rs25,350/mt, Rs26,660/mt and Rs27,700/mt ex-Alang, respectively.
Mills are buying ferrous scrap in limited quantities which left the index for HMS attachments and Melting flat at Rs25,150/mt and
Rs24,150/mt ex-Alang.
Shipbreakers are expecting raw material prices to improve in the near term as demand from the major steel consuming sectors are expected to improve.
($1=Rs73.54)