SteelMint’s domestic steel scrap (end-cutting) index fell by INR 500/tonne (t) to INR 43,200/t DAP Mandi Gobindgarh on 20 June 2022.
Meanwhile, LMS (light melting scrap) prices are assessed at INR 38,400/t, HMS 80:20 at INR 41,100/t, and CR busheling at INR 45,000/t.
Ingots prices in Mandi witnessed a downward correction of INR 600/t d-o-d to INR 48,500/t (till the time of publishing this insight).
Limited demand in the finished steel segment and overall dull sentiments resulted in subdued buying enquiries for semi-finished steel which ultimately put pressure on scrap offers.
Meanwhile, ERW patra pipe prices in Mandi Gobindgarh also fell by INR 700/t ($9/t) today. The current base grade ERW pipe (41-60 OD) prices stand at INR 53,300/t ($684/t) exw-Mandi, excluding GST at 18%.
Shipbreaking melting scrap prices decreased by INR 600/t d-o-d in Gujarat’s Alang market, SteelMint assessment shows. HMS (80:20) prices are assessed at INR 40,200/t ex-yard.
Market highlights-
o End-cutting and ingot spread: The spread between end-cutting scrap and ingots lowered to INR 5,200-5,500/t today from INR 6,000/t last week.
o Domestic and imported scrap price gap: In Mumbai, imported melting scrap (HMS 80:20) of Dubai-origin is being traded at $445/t CNF (INR 34,700/t) Nhava Sheva.
o Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stands at around INR 15,100/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click Here
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