Domestic end-cutting scrap prices in the Mandi Gobindgarh market, on 22 March, fell by INR 100/tonne (t), settling at INR 36,800/t for delivery at plant (DAP), as per BigMint’s assessment. Arrival of scrap in the region was moderate. Tier-two furnace mills procured domestic scrap in decent levels while the steel market witnessed moderate trade d-o-d.
Steel ingot prices in Mandi Gobindgarh remained stable at INR 42,350/t today during reporting and price normalisation. Likewise, several prominent markets also experienced a decline in prices ranging from INR 100-300/t today.
According to a comprehensive study by BigMint, most mills in Mandi and Ludhiana have replenished their scrap inventory for a period of five to seven days, while their finished steel inventory stands at approximately three to six days. With the upcoming Holi festival, market activities and buyer engagements have slowed down, prompting mills to prepare accordingly.
The first half of the trading session was relatively quiet, but when ingot and rebar prices dropped by INR 100/t, buyers became active, leading to spot demand in the market during the second half of the trading session.
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