SteelMint’s domestic steel scrap (end-cutting) index rose INR 650/tonne (t) to INR 47,550/t DAP Mandi Gobindgarh on 1 August 2022.
Light melting scrap (LMS) prices were assessed at INR 42,600/t, HMS 80:20 at INR 45,300/t and CR busheling scrap at INR 48,900/t.
Market sentiments remained positive in Mandi Gobindgarh since today morning. Sellers held offers on the expectation of a price rise in the near term. However, after 4 pm, the market turned stable and prices corrected slightly.
Sponge iron prices in Raipur and Rourkela improved on a daily basis by around INR 300-500/t, while a sizeable volume was traded in today’s session.
Ship-breaking melting scrap prices in Alang, Gujarat increased by INR 400/t d-o-d on 1 August. HMS (80:20) prices are assessed at INR 43,800/t exy.
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: 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 42,800/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 4,000-5,000/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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