SteelMint’s domestic scrap index remains stable as the market fluctuated in the range of INR 300/tonne today, while end-user demand for steel continued to remain limited.
In today’s morning trade in Mandi Gobindgarh, steel ingots prices opened on a negative note but witnessed improvement later on in the day, reaching INR 48,400/t.
Due to the continued drop in steel prices, Mandi steel mills were unable to procure scrap, so they later increased prices of semis to secure the required amount.
Semis and finished steel prices are expected to improve in the near term as the holiday season is over, pending project work will begin, and demand will increase.
Market highlights:
End-cutting and billet spread: In Mandi, the end-cutting scrap and billets spread remained unchanged today at INR 5,500-5800/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $418-440/t ( INR 35200 at port), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 37,500/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 14,800/t.
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