SteelMint’s domestic steel scrap (end-cutting) index decreased by INR 500/tonne (t) to INR 43,400/t DAP Mandi Gobindgarh on 17 October, 2022. Today, steel ingots prices in Mandi saw a marginal correction of INR 400/t d-o-d to INR 49,500/t at the time of reporting and price normalisation.
Trading in semi-finished and finished steel remained limited with only need-based purchases taking place. Also, liquidity issues persisted in the market, slowing down buying activity.
Market highlights–
End-cutting and billet 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 15,900/t.
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