SteelMint’s domestic steel scrap (end-cutting) index fell by INR 300/tonne (t) to INR 40,700/t DAP Mandi Gobindgarh on 12 November, 2022.
Today, steel ingots prices in Mandi saw a correction of INR 400/t d-o-d, falling to INR 46,200/t at the time of reporting and price normalisation.
Trading in semi-finished and finished steel remained limited with only needs-based purchases taking place. Also, liquidity issues persisted in the market, slowing down buying activity.
Ship-breaking melting scrap prices in Alang, Gujarat, remained stable d-o-d on 12 Nov’22. As per SteelMint assessment, HMS (80:20) prices are assessed at INR 37,500/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 $385-390/t (including freight approximately at INR 34,500/t), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 36,000/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 13,750/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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