SteelMint’s domestic steel scrap (end-cutting) index fell by INR 500/tonne (t) to INR 47,100/t DAP Mandi Gobindgarh on 20 August, 2022.
Light melting scrap (LMS) prices were assessed at INR 42,100/t, HMS 80:20 at INR 44,800/t, and CR busheling at INR 48,300/t.
Steel ingot prices in Mandi witnessed a slight correction of INR 400/t d-o-d to INR 51,800/t at the time of reporting and price normalisation.
Due to the festive mood and fluctuating prices throughout the day, the semi-finished and finished steel markets remained quiet. There were no major purchases or sales reported.
It was also reported by a few sources that scrap supply eased today, which was the reason for the market correction.
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: Local scrap — HMS(80:20) — in Mumbai was assessed at INR 43,500/t FOR, while imported melting scrap (HMS 80:20) was at INR 40,700/t (Mumbai). Due to the high domestic scrap prices, Mumbai-based mills and those in the nearby regions preferred imported scrap.
Raipur sponge iron-billet spread: The conversion spread (margin) from pellet-based DRI (P-DRI) to billets in Raipur stood at around INR 14,000/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click Here
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