SteelMint’s domestic steel scrap (end-cutting) index stood at INR 46,100/t DAP Mandi Gobindgarh, up slightly by INR 100/t d-o-d on 24 August, 2022.
LMS (light melting scrap) prices were assessed at INR 41,100/t, HMS 80:20 at INR 43,800/t, and CR busheling scrap at INR 47,300/t today.
Steel ingots prices in Mandi witnessed a slight improvement of INR 100/t d-o-d to INR 50,800/t at the time of reporting and price normalisation.
Amidst uncertain price fluctuation, buyers opted for a wait-and-watch approach, which led to subdued trading in the spot market throughout the day, SteelMint learnt from sources.
Shipbreaking melting scrap prices also increased by INR 300/t d-o-d in Gujarat’s Alang market, SteelMint assessment shows. HMS (80:20) prices are assessed at INR 45,500/t ex-yard.
Market highlights-
End-cutting and ingot spread: In Mandi, the end-cutting scrap and ingot spread remained unchanged today at INR 5,800-6,000/t.
Domestic and imported scrap price gap: A cargo of melting scrap from Dubai (HMS 80:20) was traded in Mumbai on 23 August at $480/t (INR 38,320/t), including freight the cost comes to INR 40,500-40900/t ex-works. Since domestic scrap is about INR 1,800-2,000/t more expensive, Mumbai-based mills and those in nearby regions are prefering to buy import scrap.
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 14,000/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents,Click Here
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