SteelMint’s domestic steel scrap (end-cutting) index increased further by INR 700/tonne (t) to INR 43,500/t DAP Mandi Gobindgarh on 13 June.
Meanwhile, prices of HMS 80:20 stood at INR 41,400/t, and CR busheling at INR 45,500/t.
Scrap prices in all key markets improved or remained stable in today’s trading session. Ingots prices in Mandi increased by INR 300/t to INR 49,000/t d-o-d (Till the time of publication of this Insight).
The key factor supporting the hike in scrap prices on a d-o-d basis was improved demand for semi-finished steel and tight scrap availability.
Today ship-breaking melting scrap prices remained stable at INR 40,500/t in Alang, Gujarat.
Market highlights
End-cutting and ingot spread: The spread between end-cutting scrap and ingots got lowered to INR 5,500/t today. Last week, the spread was at around INR 6,200/t.
Domestic and imported scrap price gap: In Chennai, imported melting scrap (HMS 80:20) was traded at $463/t CNF (INR 36,000/t) and $450 (INR 35,000/t) Nhava Sheva.
Raipur sponge iron-billet spread: Today, the conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at around INR 14,600/t, up from INR 14,200/t from the last trading session.
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