SteelMint’s domestic steel scrap (end-cutting) index dropped by INR 700/tonne (t) to INR 43,900/t DAP Mandi Gobindgarh on 15 October, 2022.
Today, steel ingots prices in Mandi saw a marginal correction of INR 200/t d-o-d to INR 50,000/t at the time of reporting and price normalisation. In Mandi, the semi-finished and finished steel trade is below moderate levels, with only need-based purchase activity taking place.
Moreover, Mandi furnace owners’ conversion spread from old scrap to ingots increased by INR 400/t to INR 11,800/t, pushing up scrap prices.
Ship-breaking melting scrap prices dropped further by INR 400/t d-o-d in Gujarat’s Alang market, SteelMint assessment shows. HMS (80:20) prices are assessed at INR 40,500/t exy.
Market highlights–
End-cutting and ingots spread: In Punjab, the spread between end-cutting scrap and ingots was unchanged at INR 5,500-5,700/t today.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $440-445/t, while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 39,000/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 16,000/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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