SteelMint domestic steel scrap (end-cutting) index moved up by INR 550/tonne (t) to INR 42,300/t DAP Mandi Gobindgarh on 10 June 2022. Prices increased on the back of improved buying inquires amid tight supply.
Meanwhile, prices of HMS 80:20 stood at INR 40,500/t, and CR busheling at INR 44,700/t.
Scrap prices in all key markets except Jalna, Mumbai and Durgapur improved or remained stable in today’s trading session. Ingots prices in Mandi opened today at INR 48,000/t and increased by INR 500/t to close at INR 48,400-48,500/t.
Today shipbreaking melting scrap prices increased by INR 500/t d-o-d in Alang, Gujarat.
Scrap buyers raised their bids to secure adequate quantity due to the shortage.
An auction by Sunflag Bhandara, Maharashtra was today for around 3,000 t of steel grade pig iron, of which 800 t was booked at INR 43,000/t ex-works.
Key highlights-
• End-cutting and ingot spread: The spread between end-cutting scrap and ingots was INR 6,200/t today. Yesterday, the spread was around INR 5,900/t.
• Domestic and imported scrap price gap: In Chennai, imported melting scrap (HMS 80:20) was traded for $463/t CNF (INR 36,000/t) and $450 (INR 35,000/t) Nhava Sheva. Mumbai-based consumers preferred imported scrap over cost effeciency as local material is around INR 700-800/t higher the imported one.
• Raipur sponge iron-billet spread: Today, the conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stands at around INR 14,300-400/t, up from INR 14,000/t yesterday.
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