SteelMint’s domestic steel scrap (end-cutting) index increased by INR 1,100/tonne (t) to INR 48,500/t DAP Mandi Gobindgarh on 11 July, 2022.
Light melting scrap (LMS) prices were assessed at INR 43,300/t, HMS 80:20 at INR 45,800/t and CR busheling scrap at INR 45,000/t.
Steel ingots prices in Mandi Gobindgarh increased by INR 1,100/t to INR 54,300/t d-o-d.
There were rumours about the government revoking 15% export duty on steel, but no official announcement has been made the steel ministry.
Meanwhile, steel major Jindal Steel and Power Ltd (JSPL) has increased list prices of rebars and wire rods by INR 1,000/t ($13/t), effective from today, on improved domestic demand and healthy order books, sources informed SteelMint.
Today, shipbreaking melting scrap prices in Gujarat’s Alang market dropped INR 200/t d-o-d. HMS (80:20) prices are assessed at INR 43,500/t exy. A sharp correction in semi-finished steel prices in north India and lack of buying enquiries for scrap weighed on its prices.
Market highlights-
End-cutting scrap and ingot spread: The spread between end-cutting scrap and ingot remained unchanged at INR 5,500-5,700/t today.
Domestic and imported scrap price gap: In Mumbai, imported melting scrap, HMS 1&2(80:20) in containers of Dubai-origin is available at $475/t (INR 37,763/t) Nhava Sheva. Mills in Mumbai and those in the nearby regions are preferring to import scrap because domestic material is costlier by around INR 3,000-5,500/t.
Raipur sponge iron-billet spread: The conversion spread (margin) from pellet-based DRI (P-DRI) to billets in Raipur stood at around INR 16,000/t today.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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