SteelMint’s domestic steel scrap (end-cutting) index rose INR 200/tonne (t) to INR 45,500/t DAP Mandi Gobindgarh on 22 July, 2022.
Light melting scrap (LMS) prices were assessed at INR 40,500/t, HMS 80:20 at INR 43,200/t and CR busheling scrap at INR 46,700/t.
Scrap availability in the Punjab market is tight as supplies from the nearby markets have been impacted ever since GST checks by government officials commenced in a bid to eliminate unaccountable transactions.
Meanwhile, scrap buyers have raised their bids to secure adequate supplies backed by a marginal rise in semi-finished steel prices.
However, shipbreaking melting scrap prices in Gujarat’s Alang market dropped INR 200/t d-o-d on 22 July. HMS (80:20) prices are assessed at INR 42,600/t exy.
Market highlights
End-cutting and ingot spread: The end-cutting scrap and ingot spread remained unchanged today at INR 5,700-6,000/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva port were around $440-450/t, while local scrap in Mumbai for HMS(80:20) was assessed at INR 39,500/t FoR. Scrap imports are more popular among Mumbai-based mills and those in the region because domestic scrap is about INR 1,500-2,000/t more expensive.
Raipur sponge iron-billet spread: The current conversion spread (margins) from pellet-based DRI (P-DRI) to steel billet in Raipur stands at around INR 14,600/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents,Click here
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