SteelMint’s domestic steel scrap (end-cutting) index fell by INR 600/tonne (t) to INR 45,000/t DAP Mandi Gobindgarh on 3 October, 2022.
Today steel ingot prices in Mandi witnessed a slight correction of INR 400/t d-o-d to INR 50,500/t at the time of reporting and price normalisation.
In Mandi, the semi-finished and finished steel market is below moderate levels, with only need-based purchase activity taking place.
Today, Mandi furnace owners increased old scrap to ingot conversion spread by INR 200/t to 11,200/t from 11,000/t, which has also affected scrap prices directly.
Due to Durga Puja festival a majority of the markets in eastern India remained inactive today.
Market highlights–
End-cutting and ingots spread: In Mandi, the spread between end-cutting scrap and ingots was unchanged today at INR 5,500-5700/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $435-445/t, while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 39,400/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 16,500/t.
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