SteelMint’s domestic steel scrap (end-cutting) index rose by INR 400/t to INR 41,500/t DAP Mandi Gobindgarh on 9 November, 2022.
In morning trade today in Mandi Gobindgarh, north India, steel ingots prices opened on a positive note but inched down later in the day to INR 47,000/t at the time of reporting and price normalisation.
Due to the continued drop in steel prices, Mandi mills were unable to procure scrap and so they increased prices of semis to secure the required amount of scrap.
Also, furnace owners have increased the conversion spread up to 200/t from scrap to semis.
HR strip patra (148-200mm, 2mm thick) prices inched up by INR 200 to INR 48,900/t exw Mandi Gobindgarh, while prices remained unchanged in Raipur today at INR 48,000/t, excluding GST at 18%.
Market highlights–
End-cutting and billet spread: In Mandi, the spread between end-cutting scrap and ingots increased by INR 200/t to INR 6,000/t today from INR 5,800/t last week.
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 36,300/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 14,250/t.
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