- Steel market shows improved demand
- Raigarh sees surge of around INR 700/t
BigMint’s domestic steel end-cutting scrap index for Mandi Gobindgarh rose by INR 400/t to INR 41,000/t DAP. The market saw some improved trading activity in all steel segments from yesterday evening. Moreover, spot demand also improved. This rise can be attributed to active trading. Scrap prices in the region rose by INR 400 to INR 700/t today.
Raw material prices update
In Mandi, prices of sponge iron (CDRI) increased by INR 200/t to INR 35,200/t , while pig iron (steel grade) prices in Ludhiana saw a drop of INR 100/t to INR 43,300/t on a delivered-at-plant (DAP) basis.
Steel market
In Mandi, steel ingot prices rose by INR 400/t, reaching INR 46,800/t during reporting and price normalisation. Similarly, prices in various significant markets also witnessed an increase, ranging from INR 100/t to INR 700/t today. The Raigarh market experienced a notable surge of around INR 700/t d-o-d with active trades.
Rebar (Fe500) prices saw a rise of INR 300/t, reaching INR 51,500/t, supported by good trade activity.
Overview of other markets
Alang, Gujarat, saw no fluctuation in ship-breaking melting scrap prices today. BigMint’s assessment indicated HMS (80:20) prices at INR 38,300/t ($459/t) ex-yard. The market experienced average trading engagements in semi-finished and finished steel items in the region’s recent trading activities. Additionally, steady buying interest from Bhavnagar-based IF steel mills led suppliers to uphold their offers today.
Raipur steel market witnessed improved trade activity today, billet prices improved by INR 400/t to INR 44,650/t while rebar(Fe500) prices were up by INR 300/t to INR 47,500/t. Raw material sponge iron (PDRI) prices increased by INR 300/t to INR 29,450/t.
Price highlights
End-cutting and billets spread: In Mandi, the end-cutting scrap and billets spread was at INR 5,600-5,800/t.
Domestic Vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were at around $405-$406/t, which equates to approximately INR 36,102/t (including freight),while local scrap-HMS (80:20) prices in Mumbai climbed by INR 200/t to INR 36,000/t d-o-d. In India, indicative prices of shredded scrap from Europe stood at $426-$429/t CFR Nhava Sheva.
Raipur sponge iron-billet spread: The current conversion spread (margin) from pellet-based DRI (P-DRI) to steel billets in Raipur stood at INR 15,200/t.
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