SteelMint’s domestic steel scrap (end-cutting) index moved up by INR 600/t to INR 42,900/t DAP Mandi Gobindgarh on 23 December, 2022. The index rose as semi-finished steel demand and prices improved in today’s trading session.
In morning trade today in Mandi Gobindgarh, north India, steel ingots prices opened at INR 47,400/t but shown upward trend later in the day to INR 47,900/t at the time of reporting and price normalisation. Prices in almost all the key markets have remained stable or have increased by upto INR 400/t today.
HR strip patra (148-200mm, 2mm thick) prices inched up by INR 200 to INR 47,900/t exw-Raipur, while prices increased by INR 300/t to INR 48,500/t exw in Mandi Gobindgarh, excluding GST at 18%.
Snapshots of other markets
Alang: Ship-breaking melting scrap prices in Alang, Gujarat opened stable d-o-d today, as per SteelMint’s assessment. HMS (80:20) prices are assessed at INR 37,600/t exy. Limited buying inquiries for semis in yesterday’s trading session, and decent scrap trading volumes at current price levels prompted suppliers in the region to keep their offers stable today.
Hyderabad: Today, semis’ prices in southern India’s Hyderabad market moved up by INR 300/t to INR 46,300/t, while HMS 80:20 scrap prices remained stable at INR 35,500/t on account of moderate demand. On the other hand, rebars prices increased by INR 500/t to INR 51,000/t DAP.
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 36,000/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 13,850/t.
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