SteelMint’s domestic steel scrap (end-cutting) index fell by INR 300/tonne (t) to INR 44,500/t DAP Mandi Gobindgarh on 30 August 2022.
Amidst uncertain price movements, buyers opted for a wait-and-watch approach, which led to subdued trading in the spot market throughout the day, SteelMint learnt from sources.
Steel ingot prices in Mandi witnessed a slight correction of INR 400/t d-o-d to INR 49,100/t at the time of reporting after price normalisation.
Although producers continued to offer high prices, buying activity remained limited at quoted offers.
Ship-breaking melting scrap prices fell further by INR 800/t d-o-d in Gujarat’s Alang market, SteelMint assessment shows. HMS (80:20) prices are assessed at INR 43,800/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: Imported melting scrap prices at Nhava Sheva Port were at around $460-490/t, while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 41,500/t. Mumbai-based mills and those in the nearby regions preferred to import scrap as domestic scrap prices are higher by about INR 2,500-3,000/t.
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 14,200/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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