SteelMint’s domestic steel scrap (end-cutting) index improved by INR 200/t to INR 41,100/t DAP Mandi Gobindgarh on 8 November, 2022.
Steel ingots prices in Mandi Gobindgarh edged up by INR 200/t d-o-d to INR 46,800/t at the time of reporting and price normalisation.
Scrap prices got some support after the rise in semi-finished steel prices but liquidity issues persisted in the market.
The steel market in Punjab was largely inactive today because of Guru Nanak Jayanti.
Except for the Mandi and Gujarat markets, all the other domestic markets remained stable or saw prices dropping in the range of INR 200-300/t due to lack of steel demand.
Shipbreaking melting scrap prices in Gujarat’s Alang market rose by INR 800/t d-o-d on 8 Nov’22. HMS (80:20) prices are assessed at INR 38,500/t ex-yard.
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 $395-400/t (including freight approximately at INR 35,000/t), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 36,000/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 14,200/t.
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