Shipbreaking scrap prices were under pressure on Wednesday as demand from mills in Gujarat declined. Yards reduced offers for re-rolling scrap to attract buyers, and the daily Davis Index for 4Ani fell by Rs700/mt($9.38/mt) to Rs38,100/mt ex-Alang. The index for 8Ani declined by Rs800/mt to Rs41,200/mt ex-Alang.
Demand from Mandi Gobindgarh also declined amid increased stock of finished steel with mills.
The index for 6Ani declined by Rs700/mt to Rs40,000/mt ex-Alang, and the index for 14Ani was down by Rs600/mt to Rs42,000/mt ex-Alang.
Demand for ship plates from the construction sector slowed as the monsoon rains have started their wet spell. The index for 1kg plates declined by Rs900/mt to Rs34,800/mt ex-Alang, the index for 2kg plates declined by Rs500/mt to Rs39,200/mt ex-Alang.
The daily Davis Index for HMS attachments and melting declined by Rs900/mt each to Rs34,600/mt and Rs33,600/mt ex-Alang, respectively.