SteelMint’s domestic steel scrap (end-cutting) index decreased by INR 200/tonne (t) to INR 40,900/t DAP Mandi Gobindgarh on 7 November, 2022.
Today, steel ingots prices in Mandi saw a marginal correction of INR 300/t d-o-d to INR 46,600/t at the time of reporting and price normalisation.
Due to a shortage of scrap in the domestic market, the Mandi mills reduced their conversion margin from scrap to ingots by INR 300/t to INR 11,500/t, but no results were seen even as prices kept falling.
In the Mandi market, semis and finished products manufacturers are still having difficulty selling their products, with only moderate trades taking place. Moreover, liquidity issues persisted in the market, slowing down buying activity.
Shipbreaking melting scrap prices in Gujarat’s Alang market dropped by INR 300/t d-o-d. HMS (80:20) prices are assessed at INR 37,700/t exy.
Market highlights-
End-cutting and billet spread: In Mandi, end-cutting scrap and billet spread remained unchanged today at INR 5,500-5,800/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $405-410/t (including freight approximately at INR 35,700/t ), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 36,200/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 14,000/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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