Prices of shipbreaking rolling scrap in India declined for the third consecutive day amid low demand from the rolling mills in Gujarat and the North.
The daily Davis Index for 14Ani declined by Rs250/mt ($3.38/mt) to Rs28,250/mt ex-Alang. Shipbreakers are constantly reducing their offers as demand from the end-users is still low.
The daily Davis Indexes for 4Ani declined by Rs50/mt to Rs25,950/mt ex-Alang; for 6Ani declined by Rs250/mt to Rs26,450/mt ex-Alang and for 8Ani settled flat at Rs27,650/mt ex-Alang amid subdued trading.
Shortage of oxygen in the yards continued and recyclers had to buy gas cylinders at a very high price. The Davis Index for 12Ani declined by Rs150/mt to Rs28250/mt ex-Alang.
Demand for ship plates has dropped considerably now as export to China and other countries has gone down.
The daily Davis Index for 1kg plates settled flat at Rs25650/mt ex-Alang and the index for 5kg plates declined by Rs100/mt to Rs27,350/mt ex-Alang.
Mills preferred buying ferrous scrap in a staggered manner and believe the prices of raw material would remain under pressure in the near term.
The daily Davis Index for HMS attachments and Melting declined by Rs50/mt each to Rs24,550/mt and Rs23,550/mt ex-Alang.