SteelMint’s domestic steel scrap (end-cutting) index stood at INR 47,300/t DAP Mandi Gobindgarh, down slightly by INR 100/t d-o-d on 28 July, 2022.
LMS (light melting scrap) prices were assessed at INR 42,400/t, HMS 80:20 at INR 45,100/t, and CR busheling scrap at INR 48,800/t today.
Steel ingots prices in Mandi witnessed a slight correction of INR 200/t d-o-d to INR 52,400/t at the time of reporting and price normalisation.
Overall, the market remained largely quiet as most buyers and sellers chose to wait and watch.
In Gujarat’s Alang market shipbreaking melting scrap prices remain stable today, as per SteelMint assessment. HMS (80:20) prices are assessed at INR 43,500/t exy.
Market highlights-
End-cutting and ingot spread: The end-cutting scrap and ingot spread remained unchanged today at INR 5,500-6,000/t.
Domestic and imported scrap price gap: In Mumbai, melting scrap imported from West Africa (HMS 80:20) was traded yesterday at $468/t, while Dubai scrap and Europe scrap were sold at $478/t and $470/t respectively. Mumbai-based mills and those in nearby regions prefer to import scrap because domestic material is costlier by about INR 4,000/t.
Raipur sponge iron-billet spread: The current conversion spread (margins) from pellet-based DRI (P-DRI) to steel billets in Raipur stands at around INR 15,300-15,500/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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