SteelMint’s domestic steel scrap (end-cutting) index rose by INR 400/t to INR 43,600/t DAP Mandi Gobindgarh on 21 October, 2022. Steel ingots prices in Mandi Gobindgarh edged up by the same quantum to INR 49,700/t at the time of reporting and price normalisation.
Scrap prices got some support after a rise in semi-finished steel prices but liquidity issues persisted in the market.
The domestic steel market was largely inactive today because of the upcoming Diwali festival.
Ship-breaking melting scrap prices in Gujarat’s Alang market increased by INR 200/t d-o-d. HMS (80:20) prices are assessed at INR 40,200/t exy.
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 $430-445/t, while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 38,200/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 15,600/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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