Shipbreaking scrap prices remained flat to down on Monday amid sluggish demand. Prices remained under pressure despite low availability of tonnages at the yards.
The daily Davis Index for 4Ani settled flat at Rs38,800/mt ($522.19/mt) ex-Alang and the index for 12Ani declined by Rs150/mt to Rs41,700/mt ex-Alang .
Demand from the local rolling mills is subdued due to the monsoon season and a fear of third wave of COVID-19 and related restrictions. Finished steel makers are trying to clear their piled-up stock and bought raw material only on a need basis.
Prices for ship plates declined on low demand in the auto makers and construction sectors. The daily Davis Index for 1kg and 2kg plates declined by Rs200/mt to Rs34,900/mt and Rs39,000/mt ex-Alang respectively.
Market participants expect ferrous scrap prices to remain under pressure in the near term till the demand for finished steel picks up.
The daily Davis Index for HMS attachments and Melting remained unchanged at Rs34,600/mt and Rs33,600/mt ex-Alang, respectively.