SteelMint’s domestic steel scrap (end-cutting) index fell by INR 1000/tonne (t) to INR 39,700/t DAP Mandi Gobindgarh on 14 November, 2022.
Today, steel ingots prices in Mandi saw a sharp correction of INR 800/t d-o-d, falling to INR 45,200/t at the time of reporting and price normalisation.
A very poor sales situation resulted in most furnaces operating 12 hours a day. There are also liquidity issues in the market, which are hindering spot trades. The domestic scrap market may further decline in the near future.
Shipbreaking melting scrap prices plunged INR 1,000/t d-o-d in Gujarat’s Alang today. HMS (80:20) prices are assessed at INR 36,500/t exy.
There has been a reduction in the price of finished steel in major markets like Raipur and Jalna but sales are still below moderate levels.
Market highlights-
End-cutting and billet spread: In Mandi, the 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, which comes to approximately INR 34,500/t), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 35,200/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 13,300/t.
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