SteelMint’s domestic steel scrap (end-cutting) index rose INR 500/tonne (t) to INR 43,800/t DAP Mandi Gobindgarh on 26 December, 2022.
The index rose as semi-finished and finished steel demand improved in today’s trading session.
Steel ingots prices in Mandi Gobindgarh increased by INR 500/t d-o-d to INR 48,800/t at the time of reporting and price normalisation. Prices in almost all the key markets have increased by up to INR 700/t today.
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 38,100/t exy. Despite an increase in semi-finished and finished steel prices in the last trading session, limited buying enquiries for scrap at current prices prompted suppliers in the region to keep their offers stable today.
Chennai: Prices of semis in south India’s Chennai market moved up by INR 200/t to INR 47,200/t, while rebar prices increased by INR 300/t to INR 51,800/t. On the other hand, HMS 80:20 scrap prices are stable at INR 34,300/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 $417-419/t (including freight, it comes to approximately INR 36,800/t), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 37,000/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 13,950/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
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