SteelMint’s domestic steel scrap (end-cutting) index decreased by INR 300/tonne (t) to INR 42,300/t DAP Mandi Gobindgarh on 21 December, 2022.
Today, steel ingots prices in Mandi saw a marginal correction of INR 200/t d-o-d to INR 47,300/t at the time of reporting and price normalisation.
Trading in semi-finished and finished steel remained limited with only need-based purchases taking place. Also, liquidity issues persisted in the market, slowing down buying activity.
Snapshots of other markets
Alang: Ship-breaking melting scrap prices in Gujarat’s Alang market fell by INR 500/t d-o-d, as per SteelMint’s assessment. HMS (80:20) prices are assessed at INR 37,600/t ex-yard. Semi-finished steel prices fell in yesterday’s trading session and buying inquires for scrap remained limited owing to weak sentiments in the spot market. This is forcing suppliers in the region to reduce their offers.
Raipur: In central India’s Raipur market, billets prices moved down by INR 200/t to INR 43,800/t and rebar prices decreased by INR 300/t to INR 47,700/t today, while HMS 80:20 prices dipped by INR 100/t to INR 38,700/t DAP. This is due to limited demand for semis and finished steel in today’s trading session.
Price highlights
End-cutting and billets spread: In Mandi, the end-cutting scrap and billets spread was at around INR 5,000-5,200/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $415-418/t (including freight, it comes to approximately INR 36,800/t), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 36,500/t.
Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stands at around INR 13,600/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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