Demand from Pakistan and Bangladesh remained firm, while the Indian ship scrap market is yet to recover due to sluggish domestic steel demand.
Global steel prices were rangebound amid high freight, container shortage and constant changes in import and export duties. Other than India, the subcontinental scrap market is upbeat amid a short supply of tonnage, which is pushing offers closer to the record high of $600/ldt.
Alang remained the lowest placed of all the subcontinental markets, end buyers in India are still on the sidelines as demand remains subdued due to the ongoing monsoon season.
Major steel mills have reduced their HRC prices by $25-$27/mt to attract bids and improve sales.
The daily Davis for HMS attachments and Melting rose by Rs300/mt ($4.02/mt) ex-Alang on Friday as compared to the same day of the previous week.
Recyclers targeted small and mid-sized vessels amid demand uncertainty due to the extension of the COVID-19-related lockdown and the monsoon season.
The lockdown has been extended till July 14, and Eid holidays are scheduled from July 20, which could lower the trading during the week.
A 9,615ldt Bulker named KARUNIA sold to Bangladesh at $585/ldt.
Demand in the domestic markets has improved before the market closes for Eid holidays. Yards in Pakistan were relieved on received cutting permissions from authorities. Operations were halted last week due to an ongoing investigation on beaching of a mercury-laden chemical tanker.
Imported scrap prices declined last week by $4/mt while local steel plate prices remained firm. A small platform vessel and a 15,000ldt Shuttle tanker have arrived in Aliaga last week.