SteelMint’s domestic scrap (end-cutting) index remained unchanged d-o-d at INR 44,200/tonne (t) DAP Mandi Gobindgarh on 10 March, 2023. The index remained stable amid negligible trade activities today.
Steel ingots prices in Mandi Gobindgarh fell by INR 100/t d-o-d to INR 49,500/t at the time of reporting and price normalisation. Prices in almost all key markets decreased by up to INR 100-200/t today. Bulk bookings were absent from the market.
Bookings of imported scrap since January have mostly arrived in the main Mandi hubs, according to sources.
Snapshots of other markets
Gujarat: Ship-breaking melting scrap (HMS 80:20) prices in Gujarat’s Alang fell by INR 500/t d-o-d to INR 39,500/t exy today. A drop in semis prices and limited trading for scrap yesterday resulted in a drop in offers. A major flat steel producer in Gujarat was learned to have booked 1,000 t of attachment scrap at INR 40,450/t exy against the opening price of INR 41,000/t ex-yard.
Jalna: Demand of finished steel is limited in the Jalna market but in the coming days mills may revise finished steel prices which may impact scrap prices too. Rebar prices in Jalna are at INR 55,800/t exw.
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 39,960/t), while local scrap – HMS (80:20) – prices in Mumbai increased by INR 1,000/t d-o-d to INR 39,000/t DAP.
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 14,450/t.
To see SteelMint’s melting scrap assessment, pricing methodology and specification documents, Click here
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