SteelMint’s domestic steel scrap (end-cutting) index fell marginally by INR 300/tonne (t) to INR 48,300/t DAP Mandi Gobindgarh on 13 August, 2022.
LMS (light melting scrap) prices were assessed at INR 43,500/t, HMS 80:20 at INR 46,100/t, and CR busheling at INR 49,800/t.
Steel ingot prices in Mandi witnessed a slight correction of INR 250/t d-o-d to INR 53,000/t at the time of reporting and price normalisation.
Overall, the semi-finished and finished steel markets remained quiet due to the extended bank holidays. Only, offers were revised throughout the day, while sellers adopted a wait-and-see stance.
In Gujarat’s Alang market, shipbreaking melting scrap prices are stable today, as per SteelMint assessment. HMS (80:20) prices are assessed at INR 44,800/t exy.
Market highlights
End-cutting scrap and ingot spread: The spread between end-cutting scrap and ingots remains unchanged at INR 6,000/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were around $470-490/t, while local scrap – HMS(80:20) – in Mumbai was assessed at INR 43,000/t FOR. Scrap imports are preferred by the Mumbai-based mills and those in the nearby regions because domestic scrap prices are higher by about INR 2,000-2,500/t.
Raipur sponge iron-billet spread: The conversion spread (margin) from pellet-based DRI (P-DRI) to billets in Raipur stood at around INR 14,600/t today against the earlier INR 14,650/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click Here
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