SteelMint’s domestic steel scrap (end-cutting) index rose INR 1,050/tonne (t) to INR 46,750/t DAP Mandi Gobindgarh on 26 July, 2022.
Light melting scrap (LMS) prices were assessed at INR 41,600/t, HMS 80:20 at INR 44,300/t and CR busheling scrap at INR 48,000/t.
Market conditions remained positive in Mandi Gobindgarh since today morning, and sellers held on to material in the expectation of a price rise in the near term; however, after 4 pm the market turned stable, even correcting a bit.
Sponge iron prices in Raipur and Rourkela improved on a daily basis by around INR 500-700/t, while a sizeable volume of trade was recorded.
Meanwhile, shipbreaking melting scrap prices in Gujarat’s Alang market increased by INR 1,000/t d-o-d. HMS (80:20) prices are assessed at INR 43,200/t exy.
Market highlights
End-cutting and ingot spread: The end-cutting scrap and ingot spread increased by INR 300/t to INR 6,300/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were around $440-450/t, while local scrap – HMS(80:20) – in Mumbai was assessed at INR 40,000/t FOR. Scrap imports are being preferred by the Mumbai-based mills and those in the nearby regions because domestic scrap prices are higher by about INR 1,500-2,000/t.
Raipur sponge iron-billet spread: The current conversion spread (margins) from pellet-based DRI (P-DRI) to steel billet in Raipur stands at around INR 15,000/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents,Click here
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