SteelMint’s domestic steel scrap (end-cutting) index fell by INR 300/tonne (t) to INR 45,200/t DAP Mandi Gobindgarh on 11 October, 2022.
Today, steel ingot prices in Mandi witnessed a slight correction of INR 300/t d-o-d to INR 50,900/t at the time of reporting and price normalisation.
In Mandi, the semi-finished and finished steel markets remained way below moderate levels, with only need-based purchases taking place.
Liquidity issues also persisted in the market, which made it difficult for smooth transactions to take place.
In a few markets like Jalna, Maharashtra, authorities are carrying out GST checks to prevent unaccountable transactions. The shortage of scrap thus resulted in a slight increase in prices in Jalna today. However, scheduled inspections will continue for the next three to four days.
Market highlights
End-cutting and ingots spread: In Punjab, 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 39,600/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 16,650/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact – info@steelmint.com.
Leave a Reply