SteelMint’s domestic steel scrap (end-cutting) index fell by INR 300/tonne (t) to INR 41,200/t DAP Mandi Gobindgarh on 10 November, 2022.
There is scrap shortage in the market which has limited any major fall in ingot prices. However, if scrap availability improves, a sharp correction of around INR 500-1,000/t in ingot prices is expected.
In Mandi, steel ingots prices decreased marginally by INR 300/t d-o-d, settling at 46,600/t at the time of reporting and price normalisation.
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.
Ship-breaking melting scrap prices in Gujarat’s Alang decreased by INR 300/t d-o-d on 10 November. HMS (80:20) prices are assessed at INR 38,000/t exy.
Market highlights-
End-cutting and billet spread: In Mandi, end-cutting scrap and billet spread remained unchanged today at INR 6,000/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 35,300/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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