SteelMint’s domestic steel scrap (end-cutting) index fell marginally by INR 300/tonne (t) to INR 44,200/t DAP Mandi Gobindgarh on 31 August, 2022.
Steel ingot prices in Mandi witnessed a slight correction of INR 300/t d-o-d to INR 48,900/t at the time of reporting and price normalisation.
Overall, the semi-finished and finished steel markets remained quiet. Only offer prices were revised throughout the day, while scrap sellers adopted a wait-and-watch strategy.
Meanwhile, ship-breaking melting scrap prices in Gujarat’s Alang market edged up by INR 200/t d-o-d, as per SteelMint assessment. HMS (80:20) prices are assessed at INR 44,000/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 material is costlier by 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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