SteelMint’s domestic steel scrap (end-cutting) index increased by INR 100/t to INR 44,500/t DAP Mandi Gobindgarh on 14 January, 2023. The index remained stable as the market was silent throughout the day.
In morning trade today in Mandi Gobindgarh, north India, steel ingot prices opened at INR 50,400/t and closed at INR 50,500/t at the time of reporting and price normalisation. Prices in almost all the key markets increased in the range of INR 100-700/t today.
Snapshots of other markets
Gujarat: The Gujarat market remained closed today on the occasion of Makar Sankranti festival.
Chennai: In south India’s Chennai market, billet, rebar and scrap prices remained stable. The market did not witness trade activities today on the occasion of Pongal festival.
Punjab : Market was silent throughout the day
Jalna :Over the past two days, the market has seen a surge in sales of finished materials. As a result, mills have been raising their purchase price for scrap.
Price highlights
End-cutting and billets spread: In Mandi, the end-cutting scrap and billets spread was at around INR 5,000-5,500/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $435-440/t (including freight, which equates to approximately INR 38,100/t), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 37,800/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 15,850/t.
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