- Semi-finished steel prices increase by INR 300/t
- Raw material prices remain stable d-o-d
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, increased by INR 300/tonne (t) d-o-d to INR 35,700/t DAP on 1 Dec.
Scrap prices in Mandi Gobindgarh increased by INR 300/t on a d-o-d basis, supported by moderate trade activity in semis and a shortage of ferrous scrap in the local market. According to market sources, scrap inflows from nearby states like UP and Bihar have slowed in recent days because fewer vehicles are available to bring material to Mandi and Ludhiana, as many trucks are currently engaged in local farming activities.
Alternate raw material prices
In the raw material segment, sponge iron (CDRI) prices in Mandi Gobindgarh remained stable day-on-day at INR 29,200/t DAP, while steel-grade pig iron prices in Ludhiana held steady at INR 35,000/t DAP.
Steel market trends
Steel ingot prices in Mandi Gobindgarh rose by INR 300/t d-o-d to INR 40,600/t DAP during the reporting and normalisation period. Other major production centers also recorded gains of INR 150-600/t during today’s trading.The sharpest price rise was registered in Ahmedabad, prices surged by INR 600/t compared to the previous day.
Rebar (Fe 500) prices in Mandi Gobindgarh climbed by INR 200/t to INR 45,000/t ex-works, supported by moderate demand.
Overview of Alang market
Ship-breaking melting scrap prices in Gujarat’s Alang market inched up by INR 200/t d-o-d on 1 Dec, as per BigMint’s assessment. HMS (80:20) prices were at INR 31,300/t ($350/t) exy. The region witnessed moderate demand for both semi-finished and finished steel in the previous trading session. This, along with decent buying inquiries for scrap from Bhavnagar-based mills, prompted suppliers to raise their offers today.
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 4,800-5,000/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $316/t, approximately INR 30,500/t (inclusive of freight). HMS (80:20) in Mumbai remained stable at INR 30,000/t DAP. Indicative prices of shredded from Europe stood at $347/t CFR Nhava Sheva.
Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at INR 12,600/t.
To see BigMint’s melting scrap assessment, pricing methodology and specification documents, click here
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