SteelMint’s domestic scrap (end-cutting) index decreased by INR 100/t d-o-d to INR 44,200/tonne (t) DAP Mandi Gobindgarh on 7 March, 2023. The index edged down slightly as trade slowed down even as shortage of scrap persists in the market. Major markets such as Mumbai, Jalna, Durgapur remained closed due to Holi festival.
Steel ingots prices in Mandi Gobindgarh fell by INR 100/t d-o-d to INR 49,600/t. Prices in almost all key markets decreased by up to INR 100-150/t today. No major deals was reported today.
Today, most of the mills were closed in the second half, and trade will remain suspended over the next few days,” a source informed.
Snapshots of other markets
Gujarat: Ship-breaking melting scrap prices in Gujarat’s Alang market increased by INR 1,000/t d-o-d on 7 Mar’23. As per SteelMint’s assessment, HMS (80:20) prices stand at INR 40,000/t ex-yard. Moderate buying activity in the semi-finished steel segment along with an improved price and market sentiments in the western and northern region in yesterday’s trading session nudged scrap suppliers to increase their offers today.
Chennai: Today, prices of semi-finished and finished steel were recorded stable in south India’s chennai market at INR 49,500/t. Rebar prices stood at INR 54,000/t. HMS 80:20 scrap prices were assesed at INR 36,600/t DAP. GST raids are active in the Chennai region.
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 39,820/t), while local scrap – HMS (80:20) – prices in Mumbai were stable at INR 38,000/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 14,300/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