SteelMint’s domestic steel scrap (end-cutting) index rose by INR 1,200/t to INR 41,500/t DAP Mandi Gobindgarh on 30 November, 2022.
Scrap buyers raised their bids to secure adequate quantities backed by a marginal rise in semi-finished steel prices. Ingots prices in the Mandi market today rose by INR 1,300/t to INR 46,800/t DAP, at the time of reporting and price normalisation.
In Mandi, the semi-finished and finished steel markets showed limited activity with only need-based purchases taking place, while tight supply of scrap and lack of offers by traders led to a rise in scrap prices.
Snapshots of other markets
According to sources, Alang’s ship-breaking melting scrap market will remain closed tomorrow due to the state Assembly elections. Hence, most trading occurred today, which bolstered the steel market.
Yesterday, Jalna-based mills had good bookings in finished steel. So, today’s prices have increased by 800/t, which also reflects the scrap procurement prices.
It has been observed by most suppliers in the Mumbai market that prices have increased in the finished steel segment along with appropriate buying inquiries.
Market highlights
End-cutting and billet spread: In Mandi, the end-cutting scrap and billet spread was at INR 6,000-6,500/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at $375-380/t (including freight, which comes to approximately INR 33,100/t), while local scrap — HMS (80:20) — prices in Mumbai were assessed at INR 34,700/t.
Raipur sponge iron-billet spread: The current conversion spread (margins) from pellet-based DRI (P-DRI) to steel billets in Raipur stands at around INR 13,300/t.
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