SteelMint’s domestic steel scrap (end-cutting) index fell marginally by INR 200/tonne (t) to INR 47,600/t DAP Mandi Gobindgarh on 19 August, 2022.
LMS (light melting scrap) prices were assessed at INR 42,600/t, HMS 80:20 at INR 45,300/t, and CR busheling at INR 48,800/t.
Steel ingot prices in Mandi witnessed a slight correction of INR 300/t d-o-d to INR 52,300/t at the time of reporting and price normalisation.
Due to the festive mood and fluctuating prices throughout the day, the semi-finished and finished steel markets remained quiet. There were no major purchases or sales reported.
The entire Gujarat market was closed today on the occasion of Krishna Janmashtami.
Market highlights
End-cutting scrap and ingot spread: The spread between end-cutting scrap and ingots remains unchanged at INR 6,000/t.
Domestic and imported scrap price gap: Local scrap – HMS(80:20) in Mumbai was assessed at INR 43,500/t FOR, while imported melting scrap (HMS 80:20) costs INR 40,700/t in Mumbai. Due to the high domestic scrap prices, Mumbai-based mills and those in the nearby regions prefer importing scrap.
Raipur sponge iron-billet spread: The conversion spread (margin) from pellet-based DRI (P-DRI) to billets in Raipur stood at around INR 14,200/t.
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