SteelMint’s domestic steel scrap (end-cutting) index increased by INR 100/tonne (t) to INR 44,000/t DAP Mandi Gobindgarh on 4 March, 2023.
The index rose on the back of an improvement in semi-finished steel demand and prices in today’s session. But finished steel demand remained limited.
Steel ingots prices in Mandi Gobindgarh inched up by INR 250/t d-o-d to INR 49,300/t at the time of reporting and price normalisation. In the first half of today’s trading session the market opened on a low note. However, in the second half some buying activity was seen in the market.
“The impact of the upcoming Holi festival is apparent in major markets. However, because of liquidity issues, the market is not running smoothly,” a source said.
“The market will be remain impacted for three-four days due to labour shortage next week,” a source shared.
Snapshots of other markets
Gujarat:Ship-breaking melting scrap prices fell by INR 200/t d-o-d in Gujarat’s Alang on 4 March, 2023, as per SteelMint’s assessment. HMS (80:20) prices are assessed at INR 38,800/t exy. Semi-finished steel prices fell in yesterday’s trading session in the region, and limited trading activities at current price levels for scrap resulted in suppliers reducing their offers today.
Raipur: Prices of semis increased by INR 200/t to INR 45,800/t, while rebars prices remained stable at INR 53,700/t with limited demand.
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 $445-$460 t (including freight, which equates to approximately INR 39,787/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 pellets-based DRI (P-DRI) to steel billets in Raipur stands at around INR 14,400/t.
To see SteelMint’s melting scrap assessment, pricing methodology and specification documents, Click here
To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact – info@steelmint.com.
Leave a Reply