SteelMint’s domestic steel scrap (end-cutting) index rose by INR 400/t to INR 39,300/t DAP Mandi Gobindgarh on 28 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 INR 300/t to INR 44,500/t DAP, at the time of reporting and price normalisation..
In addition, scrap traders informed that scrap movement in the market was slow, and furnace owners were not getting scrap as per their requirements, so they raised the semis price in order to get the scrap.
“During the first half of the day, the market was on a positive note and a good volume of trade was recorded in semi-finished steel, but in the second half buyers went silent,” As per the market sources.
Snapshots of other markets–
Alang: Ship-breaking melting scrap prices in Alang, Gujarat, opened stable d-o-d today, as per SteelMint assessment. HMS (80:20) prices are assessed at INR 37,000/t exy. Despite the increase in semi-finished and finished steel prices along with moderate trading activity in the last trading session, limited buying enquiries for scrap at current prices prompted suppliers to keep their offers stable today.
Jalna: In the Jalna market, rebar prices decreased by around 4,000-4,500/t, while steel mill increased scrap prices today by 1,700-1,900/t, due to shortage of material.
Market highlights–
End-cutting and billet spread: In Mandi, the end-cutting scrap and billet spread is around at INR 6,000-6500/t.
Domestic and imported scrap price gap: Imported melting scrap prices at Nhava Sheva Port were at around $370-378/t (including freight, which comes to approximately INR 33,100/t), while local scrap – HMS (80:20) – prices in Mumbai were assessed at INR 34,000/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 12,900/t.
To see SteelMint’s Melting Scrap Assessment, pricing methodology and specification documents, Click here
To provide feedback on this index or if you would like to contribute by becoming a data partner, please contact – info@steelmint.com.
Leave a Reply