SteelMint’s domestic steel scrap (end-cutting) index fell by INR 800/t to INR 42,700/tonne (t) DAP Mandi Gobindgarh on 14 June 2022.
Meanwhile, prices of HMS 80:20 are at INR 40,600/t, and CR busheling at INR 44,500/t.
Ingots prices in Mandi witnessed a downward correction of INR 800/t to INR 48,000/t d-o-d
(till the time of publication of this insight).
Domestic scrap prices in Mandi Gobindgarh, Punjab, remained under pressure because of slow ingots sales. However scrap supply is still weak in the market. Steel producers are making need-based purchases to meet their immediate requirements.
Today ship-breaking melting scrap prices also decreased by INR 300/t to INR 40,200/t in Alang, Gujarat.
Market highlights-
End-cutting and ingot spread: The spread between end-cutting scrap and ingots narrowed down to INR 6,000/t today. Last week, the spread was at around INR 6,200/t.
Domestic and imported scrap price gap: In Chennai, imported melting scrap (HMS 80:20) was traded at $460/t CNF (INR 35,900/t) and $445 (INR 34,700/t) Nhava Sheva.
Raipur sponge iron-billet spread: Today, the conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at around INR 14,400/t, down from INR 14,600/t from the last trading session.
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