SteelMint’s domestic steel scrap (end-cutting) index fell by INR 200/tonne (t) to INR 41,000/t DAP Mandi Gobindgarh on 11 November, 2022.
Today, steel ingots prices in Mandi saw a slight correction of INR 200/t d-o-d, falling to INR 46,300/t at the time of reporting and price normalisation.
Prices of steel ingots in Mandi Gobindgarh opened on a negative note in today’s morning trade, but shown some price movement in upper side in the second half of the trading session.
Moreover, liquidity issues also persisted in the market which made it difficult for smooth transactions to take place.
HR strip patra (148-200mm, 2mm thick) prices declined by INR 400/t to INR 48,000/t exw in Mandi Gobindgarh, while prices fell by INR 400/t to INR 47,600/t in Raipur, excluding GST at 18%.
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 $385-390/t (including freight approximately at INR 34,500/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 13,750/t.
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