SteelMint’s domestic steel scrap (end-cutting) index stood at INR 47,400/t DAP Mandi Gobindgarh, up slightly by INR 100/t d-o-d on 29 July, 2022.
LMS (light melting scrap) prices were assessed at INR 42,500/t, HMS 80:20 at INR 45,200/t, and CR busheling scrap at INR 48,700/t today.
Steel ingots prices in Mandi witnessed a slight improvement of INR 100/t d-o-d to INR 52,600/t at the time of reporting and price normalisation.
In today’s trading session, it was observed that market participants in Mandi Gobingarh, Raipur, Jalna are facing challenges in securing scrap and sponge iron.
However, shipbreaking melting scrap prices declined by INR 200/t d-o-d in Gujarat’s Alang market, SteelMint assessment shows. HMS (80:20) prices are assessed at INR 43,300/t ex-yard.
Market highlights-
End-cutting and ingot spread: The end-cutting scrap and ingot spread remained unchanged today at INR 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- and Europe-origin scrap were sold at $478/t and $470/t, respectively. Mumbai-based mills and those in the 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 14,800/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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